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Forex

CAD Reverses Gains as Trade Tensions Escalate with US

Guavy AI Editorial Team
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The Canadian Dollar (CAD) reversed earlier gains against the US Dollar (USD) on Wednesday due to lower oil prices and escalating trade tensions.

Oil prices have been declining, with Brent Crude trading at $85.70, nearly 8% below last Friday's highs above $93.00.

The Canadian government imposed new tariffs of up to 50% on a wide range of US products in retaliation for US levies, prompting President Donald Trump to threaten new tariffs on Canadian cars and steel.

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