Canadian Dollar plummets to its lowest point against the U.S. Dollar since the onset of Covid

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Today, the Canadian Dollar experienced significant volatility, hitting a five-year low against the U.S. Dollar before making a partial recovery. This rollercoaster ride was largely due to President Trump’s comments about possibly imposing a 25% tariff on Canadian imports starting February 1st. The market is skeptical about whether these tariffs will actually be implemented, but the uncertainty has definitely made waves.

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Sources:

https://www.msn.com/en-us/money/markets/shares-jittery-dollar-jumps-on-trumps-plans-for-tariffs/ar-AA1xz5Tt

https://www.usatoday.com/story/money/2025/01/20/dollar-trump-talks-of-canada-mexico-tariffs/77842574007/

https://www.kitco.com/news/off-the-wire/2025-01-21/canadian-dollar-pares-decline-us-tariff-skepticism

https://www.fxstreet.com/news/canadian-dollar-whipsaws-on-tariff-talk-and-cpi-prints-202501211923

h/t IAmNotAnEconomist


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