Canadian Dollar Firms Amid Risk Appetite
(RTTNews) - The Canadian dollar advanced against its most major counterparts in the New York session on Wednesday, as U.S. stocks climbed after President Donald Trump announced a 90-day pause on new tariffs for some countries.
"I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," Trump said in a post on Truth Social.
While it was not immediately clear which countries the pause would apply to, Trump noted the decision came as more than 75 countries have called representatives of the U.S. to "negotiate a solution."
However, it is clear the pause will not apply to China, as Trump announced he is raising the tariff on the country to 125 percent due to the "lack of respect" they have shown to the world's markets.
In an earlier Truth Social post, Trump urged investors to "be cool," claimed "everything is going to work out well" and called this a "great time to buy."
The loonie climbed to a 6-day high of 1.5409 against the euro, 1-week high of 105.08 against the yen and a 5-day high of 1.4075 against the greenback, from an early 4-week low of 1.5746 and 2-day lows of 1.4273 and 101.63, respectively. The currency is seen finding resistance around 1.52 against the euro, 107.00 against the yen and 1.38 against the greenback.
In contrast, the loonie fell to a 5-day low of 0.8698 against the aussie, from an early 5-year high of 0.8441. The currency is seen finding support around the 0.88 level.
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