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The Canadian dollar weakened to 1.38 per USD from a three‑month high of 1.376 on August 21st, as a further deterioration in trade relations with the United States weighed on the growth outlook. Canada imposed retaliatory tariffs of 15%–50% on about $20 billion in annual US imports, including metals, agricultural products, and motorcycles. Ottawa’s move came in response to higher US tariffs on Canadian goods after trade talks between the two economic partners collapsed. US President Donald Trump announced that tariffs on all Canadian cars, trucks, auto parts, and steel would rise to 50% on January 1st, 2027, alongside new duties on several other goods. The growth risks posed by higher tariffs led markets to scale back expectations of a Bank of Canada rate hike this year, even as elevated energy prices continued to pose upside risks to inflation.
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