Loonie Soars as Trump Pauses Tariffs on Canadian Steel and Aluminum

The Canadian dollar strengthened against its U.S. counterpart following former President Donald Trump's announcement to pause the proposed 50% tariffs on Canadian steel and aluminum.

This decision temporarily alleviated trade tensions between the two countries, providing a direct boost to the loonie.

As of [time] ET, USD/CAD traded at [rate], down [percentage] on the day, reflecting increased demand for the Canadian dollar.

The U.S. dollar index fell [percentage] to [level], as traders positioned cautiously ahead of the release of the Federal Reserve's meeting minutes from its latest policy meeting.