Canadian Dollar Rises on Retaliatory Tariffs
The Canadian dollar edged higher against the greenback while bond yields fell as investors weighed Ottawa's new retaliatory tariffs on American imports. Canada matched U.S. duties dollar for dollar, complicating the economic outlook for the Bank of Canada.
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The Canada dollar rose 0.1% against its United States counterpart on Tuesday afternoon, trading at 1.3835 per dollar or 74.21 U.S. cents. The move followed Ottawa's announcement of retaliatory tariffs matching Washington's latest duties dollar-for-dollar. The USD/CAD pair recovered a small portion of Monday's decline after trade talks failed to avert a 50% tariff on select Canadian goods.
