USD/CAD extends the upside run as Trudeau faces more pressure

Yesterday the USD/CAD did reverse a very slight dip following the release of the latest Canadian inflation data. However, it did not last long and a new dimension soon came to haunt the Canadian currency. There is political turmoil in Canada right now and that is not something you see often. The president, Justin Trudeau is under pressure following the departure from the government of the deputy Prime Minister and current finance minister, Chrystia Freeland. This has all come about due to the prospect of Trump imposing punitive trade tariffs on the country. This political woe is adding further pressure onto an already weak currency. So, the USD/CAD rose above 1.43 for the first time since 2020 and later closed above that level too, ending the US session at 1.4310. Today is has reached a new 4 year high, at 1.4329. The low seen has been set at 1.4301 and it looks like there might be more upside to come, especially if the Fed signals no more cuts to come for the time being. We shall see on that though. The USD/CAD is currently trading at 1.4325