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Canadian Dollar Soars as U.S. Tariffs Are Shelved
The Canadian dollar surged to a near five-week high against its U.S. counterpart on Monday as the threat of immediate U.S. trade tariffs diminished. The loonie was trading 1.1% higher at 1.4325 per U.S. dollar, or 69.81 U.S. cents, after touching its strongest intraday level since December 17 at 1.4262.
The relief rally came after newly inaugurated U.S. President Donald Trump announced he would not impose a 25% tariff on imports from Canada and Mexico on his first day in office. Instead, Trump directed federal agencies to evaluate U.S. trade relationships with these countries. This decision alleviated market concerns and boosted investor confidence.
Additionally, a Bank of Canada survey revealed that firms are beginning to anticipate improved economic activity, further supporting the loonie's rise. However, Canadian businesses remain cautious about the potential impact of future U.S. trade policies.
With inflation expectations normalizing, the Bank of Canada may consider lowering interest rates to stimulate economic growth and reduce unemployment.
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