USD/CAD-Commentary
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April 17, 2025
April 16, 2025
April 15, 2025
April 09, 2025
USD flows: Another partial climbdown from Trump, uncertainty persists
April 9, 2025 6:12 PM UTC
Stocks have surged on the latest Trump announcement, a 90-day pause on tariffs with the reciprocal rate lowered to an across the board 10%, coupled with a fresh escalation with China, moving to 125% from 104%. It appears China’s retaliation has given Trump an excuse to partially back down elsewh
April 02, 2025
USD flows: Mixed tariff bag, some relief for Canada and Mexico, Japan and EU hit
April 2, 2025 9:30 PM UTC
The Trump tariff announcement is a mixed bag, with some relief for Canada and Mexico but aggressive action on Japan and the EU, as well as several developing nations. The net impact is probably not much off expectations for the US economy, which will face somewhat higher inflation and somewhat slo
March 18, 2025
March 13, 2025
March 12, 2025
March 04, 2025
USD, CAD, JPY flows: Trump comments push CAD down, JPY up
March 4, 2025 7:46 AM UTC
Late comments from Trump that 25% tariffs on Canada and Mexico would be implemented as scheduled on Tuesday sent USD/CAD, which had earlier seen a brief move below 1.44, well above 1.45 overnight, and USD/JPY plunged to a low of 149.10.
March 03, 2025
USD, CAD, JPY flows:Tariff uncertainty persists, JPY has potential for big rally
March 3, 2025 7:40 AM UTC
Tariffs on Canada, Mexico and China are due to be imposed tomorrow but now look likely to be les than the threatened 25%. However, USD/CAD still looks biased higher if the tariff increase is significant. USD/JPY looks very out of line with yield spreads and could see a sharp move lower.
February 28, 2025
February 27, 2025
February 26, 2025
EUR, CAD flows: Trump tariff talk lifts CAD, hits EUR
February 26, 2025 6:19 PM UTC
The CAD has bounced and the EUR has slipped with Trump delaying tariffs on Canada and Mexico to April 2 but also stating tariffs on the EU will be 25% on autos and unspecified other things. While Trump’s repeated delays regarding Canada and Mexico are losing him credibility he is still talking pos
February 25, 2025
February 18, 2025
February 17, 2025
February 14, 2025
February 12, 2025
February 07, 2025
February 04, 2025
February 03, 2025
January 31, 2025
USD/CAD flows: Tariffs back on for February 1, at least for now
January 31, 2025 7:16 PM UTC
Contradicting an earlier Reuters report that tariffs would be delayed to March 1, the White House has stated that tariffs will start on February 1, 25% on Mexico and Canada and 10% on China. It is unclear whether there will be exceptions, energy imports having previously been suggested.
USD/CAD flows: Are tariffs going to be postponed again?
January 31, 2025 5:34 PM UTC
The USD has seen a bounce, most notably versus the CAD, on a Reuters report that Trump will issue tariffs against Canada and Mexico on March 1, if so a second postponement from what was originally going to be day one of his presidency and then re-scheduled to February 1.
January 30, 2025
January 29, 2025
January 21, 2025
January 20, 2025
January 10, 2025
December 17, 2024
December 11, 2024
December 06, 2024
November 29, 2024
November 26, 2024
November 19, 2024
November 14, 2024
November 08, 2024
USD, CAD, EUR, JPY flows: USD reverses gains, CAD in focus
November 8, 2024 7:59 AM UTC
The rise in US yields and the USD after the election have largely been reversed, but equities remain elevated and commodity currencies have outperformed. But the CAD remains vulnerable if today's employment report is weak.