Canadian money managers are gearing up for more turbulence in trading this week after an escalating trade war sparked Monday’s sharp selloff.
Stephanie Hughes and Geoffrey Morgan, Bloomberg NewsJay Hatfield, CEO and P.M. at Infrastructure Capital Advisors, discusses the market impact of Trump's tariffs.
The Canadian dollar continued the losses it’s sustained since November when Donald Trump won the election, slipping to its lowest intraday level in nearly 22 years on Monday morning before paring some of the losses. It fell as much as 1.7% on Monday, down to just under 68 Canadian cents against the greenback.
Petursson added that traders could also look to stocks related to gold, which has returned as a safe haven trade. Materials was one of the only sectors in the green on Monday morning as gold prices rose to near record levels. “Our view on the strategy has been, even since Trump got elected: there’s going to be noise,” Basinger said, adding that the last thing traders want to do is dramatically shift their portfolio every time there’s a new trade war headline.
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