Canadian Dollar tests low side despite upswing in Canadian labor data
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The Canadian Dollar stumbled back on Friday as tariff fears remain. Canadian labor data overshot forecasts, bolstering the Loonie. Fresh tariff threats from Donald Trump have crimped CAD gains. The Canadian Dollar (CAD) tested lower ground against the US Dollar (USD) on Friday, shedding weight despite Canadian labor data figures outperforming median market forecasts by a sizeable margin, kicking back economic downturn concerns and forcing rate watchers to trim their bets of another Bank of Canada (BoC) rate cut at the next interest rate meeting. Adding further fuel to the risk-off fires that his administration started this week, US President Donald Trump has announced another round of tariff threats against Canada if the country doesn’t deliver a satisfactory trade deal before the August 1 deadline. The new tariffs are due to come into effect the same day that “reciprocal” tariffs, announced in April, are set to begin after being delayed twice by Trump himself. Daily digest market movers: Loonie gains on reduced BoC rate cut expectations, but trade risks remain at the forefront The Canadian Dollar briefly tested new two-week lows against the US Dollar despite better-than-expected Canadian jobs data. President Trump’s newest tariff additions on Canadian goods are gripping market sentiment by the throat as trade tensions weigh on investors and business operators. Canada added 83.1K net new job positions in June, well above the expected 0.0K. The Canadian Unemployment Rate also ticked down to 6.9% versus the expected rise to 7.1%. With Canadian employment data beating the street, rate markets are pricing in a less than one-in-five chance of a quarter-point rate cut from the BoC later this month. Donald Trump says Canadian goods could be facing an additional 35% import tax beginning on August 1 if Canada doesn’t meet Trump where he wants on trade terms, which…
Filed under: News - @ July 12, 2025 6:19 am