- USD/CAD falls sharply to near 1.4420 as Canadian PM Trudeau announced retaliatory tariffs on the US.
- On Monday, US President Trump confirmed 25% tariffs on Canada and Mexico.
- The US Dollar faces sharp selling pressure as Fed dovish bets swell.
The USD/CAD pair corrects sharply to near 1.4420 in European trading hours on Tuesday from the monthly high of 1.4542 posted on Monday. The Loonie pair declines as the Canadian Dollar (CAD) outperforms across the board after Canadian Prime Minister Justin Trudeau announced retaliatory tariffs on the United States (US).
Canadian Dollar PRICE Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.34% | -0.15% | -0.48% | -0.54% | -0.08% | -0.22% | -0.59% | |
| EUR | 0.34% | 0.19% | -0.13% | -0.20% | 0.27% | 0.12% | -0.27% | |
| GBP | 0.15% | -0.19% | -0.32% | -0.39% | 0.08% | -0.07% | -0.44% | |
| JPY | 0.48% | 0.13% | 0.32% | -0.06% | 0.40% | 0.25% | -0.12% | |
| CAD | 0.54% | 0.20% | 0.39% | 0.06% | 0.46% | 0.33% | -0.06% | |
| AUD | 0.08% | -0.27% | -0.08% | -0.40% | -0.46% | -0.14% | -0.53% | |
| NZD | 0.22% | -0.12% | 0.07% | -0.25% | -0.33% | 0.14% | -0.38% | |
| CHF | 0.59% | 0.27% | 0.44% | 0.12% | 0.06% | 0.53% | 0.38% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Canadian Justin Trudeau has announced that Canada would immediately impose 25% tariffs on C$30 billion worth of US imports if US tariffs go into effect. Trudeau added that tariffs on the remaining C$125 billion of products will “come into effect in 21 days”. Reuters report.
On Monday, US President Donald Trump confirmed that he would impose 25% tariffs on Canada and Mexico. Trump told reporters, “No room left for Mexico or for Canada.” He added, “The tariffs—you know, they’re all set. They go into effect tomorrow.”
Meanwhile, the US Dollar (USD) underperforms as traders have become increasingly confident that the Federal Reserve (Fed) could cut interest rates in the June meeting. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, declines to near the 11-week low of 106.15.
Fed dovish bets have escalated due to an expected slowdown in the United States (US) core Personal Consumption Expenditure Price Index (PCE) data in January, the first decline in the Personal Spending data for January in two years, and a sharp decline in the Consumer Confidence and weak ISM Manufacturing PMI data for February.
