CAD Holds Steady Amid Trump Tariff Threats and Stable Oil Prices
The Canadian dollar held steady overnight, despite news of President Trump's latest tariff salvo. The CAD traded in a narrow range, opening at 1.4080 and closing at 1.4085. Oil prices remained stable, with WTI holding above $90 per barrel.
The market reaction to Trump's tariffs was muted, as traders have grown accustomed to his threats against Canada. Yesterday's retail sales data in Canada matched forecasts and had little impact on the currency markets.
In other news, Asian equities turned defensive overnight after a sharp selloff on Wall Street. Japan's Topix dropped 1.05%, while Hong Kong's Hang Seng slipped 0.98% and Australia's ASX 200 declined 0.75%. In Europe, the German Dax added 0.73%, France's CAC-40 rose 0.34%, and the UK's FTSE 100 remained flat.