- Escalating tensions between the US and China triggered a USD selloff.
- The Bank of Canada will have a monetary policy meeting next week.
- USD/CAD trades at fresh multi-month lows and aims to extend the fall.
The US Dollar (USD) plummeted during European trading hours on Friday, on news indicating China announced additional tariffs on the United States (US). On Thursday, the White House confirmed tariffs on China of 145%, higher than the 125% previously estimated.
As a result, the Chinese Finance Ministry said it would raise additional levies on US imports from 84% to 125%, per Reuters, from April 12. The never-ending trade war between Beijing and Washington triggered the USD sell-off across the FX board, resulting in USD/CAD trading at around 1.3880 at the time of writing, a level that was last seen in November 2024.
Concerns revolve around a potential US recession, alongside fresh inflationary pressures as a result of the tit-for-that taxes between the world’s two largest economies.
The macroeconomic calendar will include today the US March Producer Price Index (PPI) and the preliminary estimate of the Michigan Consumer Sentiment Index, foreseen falling in April to 54.5 from 57 in the previous month.
Canada is set to announce the March Consumer Price Index (CPI) on Tuesday, while the Bank of Canada ( BoC) will decide on monetary policy next Wednesday. Indeed, the latter will be all about the impact of tariffs on monetary policy decisions, as beyond the trade war between the US and China, the American country imposed tariffs on Canada.
Canadian Dollar PRICE Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the weakest against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -1.52% | -0.92% | -1.20% | -0.58% | -0.03% | -1.08% | -0.58% | |
| EUR | 1.52% | 0.57% | 0.23% | 0.90% | 1.48% | 0.39% | 0.90% | |
| GBP | 0.92% | -0.57% | -0.30% | 0.32% | 0.90% | -0.19% | 0.34% | |
| JPY | 1.20% | -0.23% | 0.30% | 0.62% | 1.25% | 0.22% | 0.72% | |
| CAD | 0.58% | -0.90% | -0.32% | -0.62% | 0.56% | -0.49% | 0.01% | |
| AUD | 0.03% | -1.48% | -0.90% | -1.25% | -0.56% | -1.06% | -0.55% | |
| NZD | 1.08% | -0.39% | 0.19% | -0.22% | 0.49% | 1.06% | 0.51% | |
| CHF | 0.58% | -0.90% | -0.34% | -0.72% | -0.01% | 0.55% | -0.51% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
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