Canadian Dollar Lower Despite Reaching Metal Tariffs Agreement With US
The Canadian dollar lost 0.22 percent this week. The loonie had a volatile five days as the US decision to reach an agreement on aluminium and steel tariffs was a positive for the currency alongside rising oil prices. Negatives came in the form of global trade and growth uncertainty. Escalation of rhetoric if not tariffs from both sides are reducing optimism that before the G20 meeting next month the two biggest economies can hammer out a deal.
Next week’s economic calendar in Canada will be low on events. Retail sales data on Wednesday, May 22 is the most relevant, with a 0.8 percent gain expected. Canadian data has been mixed with the employment report giving a huge boost to the loonie that will probably not be repeated in the short term.
The Canadian dollar lost 0.22 percent this week. The loonie had a volatile five days as the US decision to reach an agreement on aluminium and steel tariffs was a positive for the currency alongside rising oil prices. Negatives came in the form of global trade and growth uncertainty. Escalation of rhetoric if not tariffs from both sides are reducing optimism that before the G20 meeting next month the two biggest economies can hammer out a deal.
Next week’s economic calendar in Canada will be low on events. Retail sales data on Wednesday, May 22 is the most relevant, with a 0.8 percent gain expected. Canadian data has been mixed with the employment report giving a huge boost to the loonie that will probably not be repeated in the short term.
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