The USD/CAD pair retreats after failing to break above the round-level resistance of 1.4400 in Monday’s North American session.
USD/CAD retreats from 1.4400 as the safe-haven appeal of the US Dollar diminishes after Trump rolled back 25% tariff proposal on Colombia. Investors expect the Fed to leave interest rates steady, while the BoC is anticipated to cut them by 25 bps on Wednesday. US President Trump is expected to place 25% on Canada right on the first day of February. The Loonie pair ticks down as the US Dollar falls back after its safe haven diminished.
50%, according to the CME FedWatch tool. Investors will pay close attention to Fed Chair Jerome Powell’s press conference after the policy announcement for fresh interest rate guidance. Meanwhile, the Canadian Dollar remains broadly weak as investors fear that Trump will impose 25% tariffs on Canada on February 1. The Wall Street Journal reported on early Monday that “momentum is growing among US President Trump’s advisers to place 25% tariffs on Mexico and Canada as soon as February 1.
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