Canadian Dollar: Trade conflict keeps downside risks alive against US Dollar - ING
ING’s Francesco Pesole highlights escalating US-Canada trade tensions, with new US tariffs on Canadian autos and parts announced for early next year.
ING's Francesco Pesole points to the escalating US-Canada trade tensions, announcing new US tariffs on Canadian automobiles and parts set to take effect early next year. Both nations remain entrenched in the conflict, and Pesole predicts the recent surge in USD/CAD may extend further beyond 1.390, as trade risks and broader Dollar dynamics continue to impact the pair.
The Canadian situation remains in the escalation phase, with the US President recently imposing 50% tariffs on Canadian vehicles and components from January 1st. The delayed implementation date suggests a degree of caution regarding the automotive sector ahead of the midterm elections, while still providing ample opportunity for negotiations. Despite the ongoing trade conflict, Pesole believes the rebound in USD/CAD could surpass 1.390.
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