Loonie Rides Trade Deal Hopes to New Heights

The Canadian dollar continued its upward trend on Friday, as investors remained optimistic about the prospects of a trade deal between Canada and the United States.

The loonie rose to US$0.7267 or US$1=C$1.3760 compared to Thursday's close of US$0.7254 or US$1=C$1.3785, marking another increase for the currency.

The rise in the Canadian dollar was partly driven by hopes that a trade deal would be reached before the midnight deadline, with President Donald Trump threatening to impose 50% tariffs on Canadian imports if an agreement is not met.