The post USD/CAD climbs near 1.4400 amid reports that Trump advisers want to put tariffs on Canada appeared on BitcoinEthereumNews.com.

USD/CAD strengthens as momentum grows among Trump’s advisers to impose 25% tariffs on Canada, potentially starting February 1. The CAD also struggles as the BoC is expected to implement another 25 basis points rate cut on Wednesday The US Dollar gains ground amid uncertainty surrounding the impact of President Trump’s policies. USD/CAD recovers its losses from the previous two sessions, trading around 1.4390 during the Asian hours on Monday. This upside of the pair is attributed to the growing momentum among US President Donald Trump’s advisers to place 25% tariffs on Mexico and Canada as soon as February 1. In a gated story, the Wall Street Journal (WSJ) reported on early Monday that Trump’s advisers do not want to wait for any negotiations or talks. An unnamed ‘Senior administration official’ in the report said Trump is willing to move quickly, citing the President’s imposition of tariffs on Colombia. Additionally, the Canadian Dollar (CAD) faces pressure as the Bank of Canada (BoC) is expected to implement another quarter-point rate cut on Wednesday, while the Federal Reserve is widely anticipated to hold interest rates steady through the first half of the year, further widening the interest rate differential. The US Dollar gains ground due to uncertainty surrounding the impact of US President Donald Trump’s trade could support the US Federal Reserve’s (Fed) cautious approach to cutting interest rates this year. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against its six major peers, recovers from its monthly low of 107.22, reached on Friday. The DXY trades near 107.60 at the time of writing. Data released by S&P Global on Friday showed that the US Composite PMI declined to 52.4 in January from 55.4 in December. Meanwhile, the Manufacturing PMI improved to 50.1 in January versus 49.4…

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Filed under: News - @ January 27, 2025 3:15 am