The United States has once again postponed the imposition of tariffs on Canada until April 2nd. Coupled with the continuous weakening of the US Dollar (USD) and the stabilization of oil prices, the Canadian Dollar (CAD) continued to rise, by 0.30% on Thursday, against the US dollar, OCBC's FX analysts Frances Cheung and Christopher Wong note.
USD/CAD to trade in a wider range between 1.4194-1.4793
"The temporary tariff deferral only applies to Canadian export products that meet the requirements of the Canada-United States-Mexico Agreement, and approximately 62% of Canadian imported products may still face a 25% tariff."
"Canada stated that it will not lift the tariffs previously imposed on US goods worth CAD 30 billion but agreed to postpone the second round of retaliatory tariffs worth CAD 125 billion until April 2nd. It is expected that the currency pair will continue to be volatile in the short term, with two-way trades."
"Pay attention to the trading range of 1.4300-1.4542, and a wider range is between 1.4194-1.4793."
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