NICE FVG
he Canadian dollar hit a 4-1/2-year low against its U.S. counterpart on Friday as investors worried about a potential trade war between the United States and Canada and dialed back bets on Federal Reserve interest rate cuts in 2025.
The loonie was trading 0.1% lower at 1.4230 per U.S. dollar, or 70.27 U.S. cents, after touching its weakest intraday level since April 2020 at 1.4244.
For the week, the currency was down 0.5%, its third straight weekly decline.
Recent reports that Canada was considering tit-for-tat retaliatory tariffs if U.S. President-elect Donald Trump carries out his threat to tax Canadian imports have given traders another reason to bet against the loonie, said Amo Sahota, director at Klarity FX in San Francisco.
"It could be a long wait until the U.S. presidential inauguration to see how determined Trump is to begin his second term with a full trade war," Sahota said.
The loonie was trading 0.1% lower at 1.4230 per U.S. dollar, or 70.27 U.S. cents, after touching its weakest intraday level since April 2020 at 1.4244.
For the week, the currency was down 0.5%, its third straight weekly decline.
Recent reports that Canada was considering tit-for-tat retaliatory tariffs if U.S. President-elect Donald Trump carries out his threat to tax Canadian imports have given traders another reason to bet against the loonie, said Amo Sahota, director at Klarity FX in San Francisco.
"It could be a long wait until the U.S. presidential inauguration to see how determined Trump is to begin his second term with a full trade war," Sahota said.
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