Loonie Soars as US Suspends Tariffs on Canadian Goods

The Canadian dollar has strengthened to its highest level in two and a half months against its U.S. counterpart after the United States suspended new tariffs on Canadian goods.

The loonie, as it's known, was trading 0.5% higher at 1.3823 per U.S. dollar or 72.34 U.S. cents, its strongest level since June 2.

This move comes after U.S. President Donald Trump announced a three-day pause on new 50% tariffs set to go into effect on Canadian goods at midnight, saying the two countries had reached a deal.