The USD/CAD pair sees downward pressure as the Canadian Dollar (CAD) strengthens following reports of Canadian Prime Minister Justin Trudeau's resignation plans.
USD/CAD depreciates as the CAD gains support following the news of PM Trudeau’s resignation. Canada is considering advancing the release of retaliatory tariffs on US goods. The US Dollar corrects downwards ahead of ISM Services PMI due later in the day.
The USD/CAD pair remains subdued as the Canadian Dollar (CAD) receives support from news that Canadian Prime Minister Justin Trudeau would announce his plans to step down but said it expected to happen before an emergency meeting of Liberal legislators on Wednesday. The USD/CAD pair trades around 1.4310 during the European hours on Tuesday. The Canadian media outlet “The Globe and Mail” published a gated report on Tuesday, stating that Canada’s federal government is considering an early release of a proposed list of American goods that would face retaliatory Canadian tariffs. This move would be in response to potential tariffs imposed by incoming US President Donald Trump on Canadian products. However, lower crude Oil prices might have put downward pressure on the commodity-linked CAD, given that Canada is the largest Oil exporter to the United States (US). West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $72.90 per barrel at the time of writing. However, Oil prices may find support as the Organization of the Petroleum Exporting Countries’ (OPEC) Oil production declined in December, primarily due to the United Arab Emirates' (UAE) efforts to implement supply cuts to stabilize global Oil markets, according to Bloomberg (gated). Traders are expected to closely monitor the release of Canada’s Ivey Purchasing Managers Index (PMI) data on Tuesday, along with the US ISM Services PMI. Attention will then shift to the Minutes from the Federal Reserve’s (Fed) December policy meeting, scheduled for release on Wednesda
USD/CAD Canadian Dollar Trudeau Resignation Retaliatory Tariffs Oil Prices
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD Pulls Back as Oil Prices Support CAD GainsThe USD/CAD pair retreated from its three-day winning streak as the commodity-linked Canadian Dollar received support from rising oil prices. WTI crude continued its upward trend, driven by optimism surrounding global policy support for economic growth. Despite the CAD's gain, the US Dollar Index reached a multi-year high following positive US jobless claims data.
Read more »
USD/CAD Softens as Canadian PMI and Crude Oil Prices RiseThe USD/CAD pair is trading lower on Friday, supported by rising Canadian Manufacturing PMI and crude oil prices. The Federal Reserve's signal of slower rate cuts in the future may limit the pair's losses.
Read more »
USD/CAD Slides as Oil Prices Surge and Trudeau to ResignThe USD/CAD pair weakens as higher oil prices boost the Canadian Dollar. WTI oil hovers near its highest level since October, driven by potential global fuel demand increases. Meanwhile, Canadian Prime Minister Justin Trudeau is expected to resign soon.
Read more »
Trudeau Resignation Could Boost USD/CAD to 1.50Media reports suggest Canadian Prime Minister Justin Trudeau may resign this week, potentially impacting the Canadian dollar (CAD). Though a leadership contest would follow, the Conservative Party's poll lead ahead of October elections adds uncertainty. The CAD reacted positively to the news, reversing USD/CAD's recent rally. ING's Francesco Pesole suggests upside risks for USD/CAD could reach 1.50 in case of a full-blown trade war.
Read more »
USD/CAD Rebounds as Trump Denies Pared Tariff Plans, Trudeau Resignation ExpectedThe USD/CAD currency pair rose near 1.4345 in early Tuesday trading as President-elect Donald Trump refuted reports of scaling back his tariff policy, while Canadian Prime Minister Justin Trudeau is anticipated to announce his resignation.
Read more »
USD/CAD Rises as Loonie Dips to 5-Year Low on Canadian Political TurmoilThe USD/CAD pair trades near 1.4310 as the Canadian Dollar weakens to nearly a five-year low on political risks. Markets await the Fed's interest rate decision, expected to cut rates by 25 basis points.
Read more »