Federal Court Blocks Trump Tariffs as Markets Watch Inflation and BoC Decision
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3710-1.3950
Euro 1.5490-1.5720
Sterling 1.8520-1.8740
WTI Oil (opening level) $62.37
The CAD/USD is opening at 1.3824 ( 0.7234 )
The latest CPI report showed headline inflation fell in Canada mainly due to a carbon tax cut, but core inflation rose, which is closely gauged by the Bank of Canada. Therefore, traders remain uncertain on whether the Bank of Canada will deliver another rate cut next week. Canada’s Gross Domestic Product Annualized for the first quarter, due on Friday, will be observed to gain insights into the Canadian economy.
The USD index is trading close to 100.00. Traders likely await the preliminary US Q1 Gross Domestic Product data, Personal Consumption Expenditures Prices - QoQ, and Initial Jobless Claims, scheduled to be released on Thursday.
The USD received support as halting of US President Donald Trump's "Liberation Day" tariffs from taking effect by a federal court. A three-judge panel at the Court of International Trade in Manhattan ruled Trump of lacking the authority and declaring the executive orders issued on 2 April unlawful.
The Trump administration, on April 2, announced higher duties on imports from countries with large trade surpluses, such as China and the European Union, with introducing a 10% baseline tariff on most goods entering the US. Trump appears unlikely to back down as posted on his social media app Truth Social that he is on a "Mission from God".
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Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2150-1.2250
Euro 1.4700-1.4800
Sterling 1.7150-1.7250
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3830-1.4080
Euro 1.6170-1.6420
Sterling 1.8620-1.8870
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3400-1.3500
Euro 1.4600-1.4700
Sterling 1.7100-1.7200
