Canadian Dollar Holds Steady Amidst Tariff Uncertainty
The Canadian dollar is holding steady against its US counterpart, despite President Trump's latest tariff salvo. The USD/CAD exchange rate opened at 1.4080, with an overnight range of 1.4066-1.4088 and a close of 1.4085.
Oil prices remain steady but bid, with WTI at $90.19 per barrel. However, markets are worried about the potential escalation of strikes against Iran, which could drive up prices further. JPMorgan analysts estimate that each additional month of disrupted supply adds around $7.00 to Brent crude.
The tariff announcement drew little reaction from traders, as Trump has been firing threats at Canada all year. Meanwhile, Asian equities turned defensive overnight following a sharp selloff on Wall Street. The German DAX added 0.73% in early European trading, while the S&P 500 futures are up 0.20%.