The Canadian dollar was a notable loser on the news:
- Trump letter 35% tariff on Canada. Trump has hit Canada very nard with a 35% tariff rate.
- Trump says will send tariff letters informing EU, Canada of the rates by Friday
- Trump's letter to Canada - The Canada dollar has fallen sharply with Trump's 35% tariff rate on the country
But losses were wider than just CAD> EUR, AUD, NZD, GBP, JPY and CHF all fell against the big dollar.
Equities also, ES and NQ both dropped on Globex.
We did get some clarity that softened the 35% a little:
Along with traders expecting that Trump's announcement would soon be dialled back, given his 'TACO' reputation now, that USMCA news has also restored some confidnece.
AUD/USD is back where iit started. EUR, GBP, NZD and CHF still have ground to recover. The yen is not even close, its barely retrced at all from highs around 146.80.
USD/CAD, of course, is a focus, CAD has recovered a little:
