Canadian Dollar Struggles Amid Broader Macro Pressure
The Canadian dollar continues to struggle, pressured by broad US dollar strength and elevated Treasury yields. The US Treasury yield reached 5.28% yesterday before easing to 5.217% this morning.
President Trump's latest trade measures against Canada took effect at 12:01 AM, targeting roughly $1.0 billion in Canadian goods, including dairy and alcohol products.
Statistics Canada is set to report July GDP figures, with growth forecast to remain flat at 0%. A stagnant growth reading would normally command significant attention, but it's expected to take a backseat to ongoing bilateral trade developments.