what is the canadian dollar trading at today

The Canadian dollar was down about 1.37 per cent against the greenback over the past month. “The market’s thinking, ‘well, what’s the one country or the one bloc that’s likely to be Trump’s next target? So naturally you’re going to be short European equities this morning,” Pepperstone senior market strategist Michael Brown said. Carman Louie, with Donald’s Market on East Hastings Street, said produce has become more expensive, along with products such as olive oil but there is a way to keep costs low. “When the currency gets on a roll, as it was, and then to have something else come along to give it another kick to the upside, like the election of Trump, the U.S. dollar then accelerated Types of trading strategies on the upside,” Adair added. Canadian third-quarter gross domestic product data, due on Friday, could offer clues on the pace of further interest rate cuts expected from the Bank of Canada.

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Mexico is also a major supplier of electronics, machinery, oil and optical apparatus, and a significant amount of furniture and alcohol comes from the country into the United States. The international pushback came a day after Trump announced his plans for his first day in office, on 20 January, in a post on his social media website, Truth Social. “And so it starts,” Catherine McKenna, the former environment minister, posted on the BlueSky social media site, lamenting that Ottawa already spent a “bonkers” amount of time and energy dealing with the first Trump administration. Canada has “higher borrowing costs that are hitting an over leveraged household sector. We have soft commodity prices, we have weak business investment, and we have poor productivity, right?” said Schamotta. As the price of oil remained stubbornly high between 2010 and 2014, Canada’s currency traded between $1.05 and $0.95 US. But when the price of oil fell in 2015, the loonie plummeted as well.

Sheinbaum, who took office last month, noted that US car manufacturers produce some of their parts in Mexico and Canada. She said Mexico had taken steps to tackle illegal migration into the US and that “caravans of migrants no longer reach the border”. But Trump spokesman Steven Cheung added that world leaders had sought to “develop stronger relationships” with Trump “because he represents global peace and stability”. But this is the first time in years he’s threatened Canada, specifically, and xor neural network certainly the first time he’s threatened a tariff this large on every product. One former Canadian cabinet minister reacted to the news by recalling what it was like dealing with Trump in his first term. Yet in terms of overall numbers there’s no comparing the northern and southern borders.

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Tariffs effectively serve as a tax on goods imported to the United States. Although Trump has repeatedly said targeted foreign countries pay the tariffs, they are in fact paid by companies that purchase the imported goods – and those costs are typically passed onto American consumers. Although investors believed the tariffs could ultimately strengthen the dollar, America’s financial markets took a hit, too. The extraordinary tariffs would raise costs dramatically for Americans for everyday goods that had previously come over the border without any import taxes. Whether you need to make cross-border payments or FX risk management solutions, we’ve got you covered. Schedule international transfers and manage foreign exchange risk across 130 currencies in 190+ countries.

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  • Schedule international transfers and manage foreign exchange risk across 130 currencies in 190+ countries.
  • In what can be considered one of this century’s most exciting discoveries in Canadian numismatics, a previously unknown Dominion of Canada 1870 $2 banknote issued in Victoria, British Columbia, has surfaced.
  • But it will also drive up prices of anything imported from the United States.
  • All market data (will open in new tab) is provided by Barchart Solutions.

The gross domestic product report along with recent hotter-than-expected inflation data could push the market to reassess the chances of another outsized interest rate cut next month, Valente said. Bank of Montreal’s chief economist Douglas Porter says Canadians were already feeling the pinch of higher prices for just about everything and increased borrowing costs. Now, he says, the cost of just about anything imported from the U.S. is rising as well. The American dollar gained ground on the currency of almost every industrialized country in the world as he has promised tax cuts, deregulation and sweeping tariffs on all U.S. imports. It is quite surprising then, that after British Columbia became a Canadian province, such notes were even issued. But as the capital of British Columbia, issuing these notes payable at Victoria must have been thought an important contribution to the growth of the region.

The United States’ top import from Canada is oil, which reached a record 4.3 million barrels per day in July, according to the US Energy Information Administration. America also imports cars, machinery and other various commodities, plastics and wood from Canada, according to the United Nations’ Comtrade. That stunning shift could stymie economic growth, especially if inflation-weary consumers spend less in the face of higher costs.

While the news calmed fear of disruption to Middle Eastern supply, the Israel-Hamas conflict “never actually disrupted supplies significantly to induce war premiums” this year, said senior market analyst Priyanka Sachdeva at Phillip Nova. Adair said the end of September was a turn date when the U.S. dollar started to rally against everything the Canadian dollar fell against the U.S. one. Victor Adair, a trader who runs a blog, said in the last week the Canadian dollar has fallen about five cents since late September. The Canadian 10-year yield eased 6.5 basis points to 3.221% as investors globally set aside elevated U.S. inflation and worried about the growth outlook. “The price action following Trump’s remarks support this view, with an initial knee-jerk sell-off giving way to a recovery as investors anticipate a negotiated outcome.” And he puts the blame for that on policy-makers in Ottawa who, he says, spent too much, printed too much money and weakened the Canadian economy in the process.

Similarly, Trump said that China will face higher tariffs on its goods – by 10% above any existing tariffs – until it prevents the flow of illegal drugs into the United States. The Canadian dollar, the Loonie, has plunged in value since Trump vowed to impose tariffs on Canadian imports come January. Officials from Canada, Mexico and China have warned US President-elect Donald Trump’s pledge to impose sweeping tariffs on America’s three largest trading partners could upend the economies of all four countries. “It was a good discussion and they will stay in touch,” a Canadian official said of the Trudeau-Trump call.

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what is the canadian dollar trading at today

Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate. They add hidden markups to their exchange rates – charging you more without your knowledge. Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate.

Surge pumps oil primarily in central review options as a strategic investment Alberta and southern Saskatchewan. The Canadian dollar has been on a long, slow decline since the summer of 2021. But the decline has picked up steam this month as the U.S. dollar soared on news that Donald Trump had won re-election. All market data (will open in new tab) is provided by Barchart Solutions.

Victoria’s financial landscape in the early 1870s had been shaped by its status as a frontier economy and its strategic role in British Columbia’s integration into Canada. The city had emerged as a commercial hub during the Fraser Canyon Gold Rush (1858–1860), when it attracted miners and merchants. However, by the early 1870s, the gold rush had largely subsided, and Victoria’s economy shifted to industries like logging, fishing, and trade with Asia and the United States. Immediately after the announcement, the Canadian dollar fell 1.2% against the US dollar, and the Mexican peso fell 2% against the dollar, but both recovered some of their losses Tuesday morning. China’s yuan, though controlled by the government, traded higher – above 7.6% – in offshore markets. “About the issue of US tariffs on China, China believes that China-Us economic and trade cooperation is mutually beneficial in nature.