Canadian Dollar Traded Steadily Amid Ongoing Trade Spat
The Canadian dollar is experiencing a relatively calm period as traders weigh the Federal Reserve's rate outlook and await Fed Chair Kevin Warsh's speech from Jackson Hole on Friday. The US-Canada trade spat has escalated into a full-blown 'brawl' with both sides pointing fingers at each other, but the market seems inclined to believe the Americans.
The Trump administration's handling of truth has raised eyebrows, and the fact that it has sparked a global crisis in tanker movements only adds fuel to the fire. The US Justice Department is reportedly considering reviving a Civil War-era wartime court to pursue Iranian oil as a war prize.
In other markets, WTI oil prices are up slightly, trading between $80.67 and $82.22 per barrel. The US dollar has been largely stagnant in thin summer liquidity, with traders shrugging off recent data releases that failed to move rate expectations.