Trump Tariff Pause Weighs on USD/CAD as Oil Prices Surge
The Canadian dollar has firmed up against its US counterpart as a pause on tariffs and rising oil prices weigh on the USD/CAD exchange rate.
US President Donald Trump's decision to suspend 50% tariffs on Canada for three days has lent support to the commodity-linked loonie, putting pressure on the USD/CAD currency pair.
The USD/CAD is currently trading around 1.3880 after facing renewed selling interest during the Asian session on Wednesday.
Market participants are awaiting the release of FOMC Minutes as Fed rate expectations and US data keep the US dollar recovery in check.