The telephone commutation charge per unit of measurement betwixt the American together with
Canadian dollar slid to a 2-month depression of 1.32239 on Thursday. Weakness inwards the USD/CAD duad was mainly a upshot of President Trump’s comments on the negative deport upon the “strong dollar” is having on the American economy.
"It's very, really difficult to compete when y'all accept a rigid dollar together with other countries are devaluing their currency," Trump
told the Wall Street Journal on Wednesday.
"I mean value our dollar is getting besides strong, together with partially that's my mistake because people accept confidence inwards me," he added.
Trump’s remarks pushed the U.S. Dollar Index downward past times 0.75 per centum yesterday to its lowest charge per unit of measurement inwards April.
The weakness inwards the greenback also heavily influenced the
USD/CAD rate, which dropped 0.74 per centum past times the commencement of Thursday’s Asian FX trading session:
While the Canadian dollar was briefly trading today at a grade non seen since Feb 28th, well-nigh of the CAD’s gains were wiped out on Th during the NY/London Forex session, equally the U.S. dollar recovered a sizable share of losses incurred on Wednesday.
At press time, the USD/CAD charge per unit of measurement is trading only about 1.3311 - only 0.1 per centum below where it was trading prior to Trump’s comments.
CAD banknotes photograph past times Diego Torres Silvestre