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8 Jan 2025

CAD slips on tariff headline – Scotiabank

The Canadian Dollar (CAD) was little changed against the generally stronger USD overnight—which is no mean feat considering the amount of attention Canada is getting from the US president-elect, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

CAD slips after holding steady overnight

“Markets perhaps don’t quite know what to make of the political vacuum at home and Trump’s apparent wish to co-opt Canada as the US’ 51st state. That may all be deflection, considering perhaps some more obvious foreign policy challenges for the incoming administration. Renewed tariff threats from Trump are weighing more obviously on the CAD as our session gets underway.”

“USD/CAD’s dithering around the 1.4335 technical breakdown point leaves the CAD’s position on the charts weaker now than at the start of the week when a mild rebound looked possible. A reversion to range trading around the 1.44 point looks more likely now, with near-term downside risk for USD/CAD alleviated. Resistance is 1.4465.”

Jan 8, 2025

USD jumps on Trump tariff threat – Scotiabank

The US Dollar (USD) is tracking higher. Headlines indicating that Trump might cite a national economic emergency as the justification for a new round of broadly applied tariffs is driving the USD higher in early trade, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
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Jan 8, 2025

EUR/USD weaker on soft German economic data – Scotiabank

Weak German data (soft November Retail Sales and a sharp, 5.4% plunge in Factory Orders over the November month are pushing the EUR lower, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
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