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Trump comments send USD/CAD spiking to new 2024 high
Sometime around 11.30pm GMT last night comments from the US President elect, Donald Trump sent markets around the world reeling. Trump endorsed what many already suspect; that he will waste no time launching trade tariffs when it gets into office in January. Well, Trump confirmed he will enact those from day one of his presidency. The reaction across the markets was instant, as Trump highlighted action against Chine, Canada and Mexico. Earlier yesterday the USD/CAD had lifted from an earlier session low underneath 1.3950 and briefly topped the 1.40 handle. It closed in the US at 1.3987. The comments from Trump sent the US dollar surging, rising instantly above 1.41, reaching a new 2024 high at 1.4178. It has backed-off from that high since, but this news has certainly re-invigorated the upward trend for the pair, which had hitherto stalled. The USD/CAD is currently trading at 1.4110
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