The Canadian dollar has hit a two year low following the result of yesterdays presidential elections in the United States, following the election of Donald Trump for a second term.
The US dollar hit a high of $1.3959 per Canadian dollar, a level which marks a two year low for the Canadian dollar. The surge was in relation to the strengthening of the US dollar following Trump’s win, which surged against all G-10 currencies, while commodities, including precious metals, sunk lower off the strength of the dollar.
As of the time of writing, the Canadian dollar is doing better than its peers, with the British pound sinking by roughly 1%, while the Euro was down by nearly 1.7%. The Japanese Yen meanwhile was one of the hardest hit currencies, tumbling 1.9% versus the dollar.
Unfortunately for Canadians however, economists are currently predicting that the country and its dollar will ultimately be among the hardest hit by Trump’s policies, given his prior commitments to enact tariffs on all imports made by the United States. The US is Canada’s largest trading partner, accounting for three quarters of all trade.
Information for this briefing was found via TradingView and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
