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USD / CAD - Canadian dollar sinking

Jul 11, 2025 (Baystreet.ca via COMTEX) --

- Canadian dollar sinks after Trump's latest tariff salvo

- Trump hints at even higher tariffs globally.

- US dollar firms on risk aversion

USDCAD open 1.3700, overnight range 1.3653-1.3731, close 1.3655, WTI 66.76, Gold 3340.16

The Canadian dollar was hit after President Trump posted a letter on his TruthSocial account addressed to Prime Minister Mark Carney. It was full of his usual bombast.But it also contained the threat to impose a 35% tariff on all Canadian imports, despite the fact that the US and Canada are still negotiating.

Traders are looking ahead to Canada's employment report (forecast 1,000 jobs in June vs 8,800 previously). The unemployment rate is expected to rise to 7.1% from 7.0%. The US/Canada trade war will overshadow the news although a weaker than expected number will underpin prices.

Asian stock markets ended mixed. Hong Kong's Hang Seng added 0.46% while Japan's Topix rose 0.39%. Australia's ASX 200 slipped 0.11%. European bourses fell under pressure from soft economic data and renewed trade uncertainty after Trump hinted the new base tariff rate could jump to 20%. Germany's DAX is down 1.09%, the CAC 40 has lost 1.02%, and the FTSE 100 is off by 0.62%. S&P 500 futures are showing a 0.70% decline while the US 10-year yield is steady near 4.386%. Gold rose to 3347.67 after dipping to 3322.04 earlier in the session.

EURUSD traded in a 1.1665-1.1708 band, slipping in Asian trading before stabilizing in Europe. The sudden tariff escalation against Canada rattled traders, particularly since EU officials are still trying to hammer out their own deal with Washington. With Trump promising another tariff letter today, the euro's downside risk remains elevated.

GBPUSD dropped from 1.3586 to 1.3529 following underwhelming UK data. May GDP fell 0.1% m/m, missing forecasts for a slight gain. Manufacturing and industrial production also came in below expectations, adding to the negative tone.

USDJPY rallied in a 146.14-147.16 range. Traders reacted to Trump's NBC interview suggesting the base tariff level might rise to 15-20%. The news unsettled markets, especially given the lack of a formal trade deal between the US and Japan amid unresolved auto tariff issues.

AUDUSD moved within a 0.6556-0.6596 band, consolidating gains from earlier in the week. The RBA's decision to keep rates unchanged offered support, and hopes for fresh Chinese stimulus measures are helping to maintain the bid.

The US economic calendar is empty.

comtex tracking

COMTEX_467230511/2559/2025-07-11T13:42:31

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