Loonie at 68.85 U.S. cents
added to its monthly decline against its U.S. counterpart on Friday in volatile trading as investors braced for the expected start of U.S. tariffs on Canadian goods, including on oil which some expected to gain an exemption.
For the month, the currency was down 1 per cent, its fifth straight month of declines. That is the longest monthly losing streak since 2016. On Thursday, it touched its weakest level in nearly five years at 1.4592. “Tech analysts are pointing to the highs from 2020 and 2016, which come in just shy of 1.47. Other people are targeting that it is going to skip through that with some ease and we’ll be facing 1.50.”
Earlier in the day, the White House said Trump will implement tariffs of 25 per cent on Canadian and Mexican imports on Saturday and 10 per cent tariffs on Chinese goods with immediate effect.
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