Tariffs and turmoil leave the loonie "skating on thin ice" [Wealth Professional (Canada)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Wealth Professional
The Canadian dollar dropped to its lowest level since March 2020 as political instability and economic underperformance weighed on the currency. According to BNN Bloomberg , the loonie slid another 0.5 percent on Tuesday, trading past 1.43 per US dollar, extending its recent declines. The resignation of Finance Minister Chrystia Freeland intensified the political crisis. Freeland, who had served as finance minister since 2020, stepped down on Monday , opposing Prime Minister Justin Trudeau's focus on short-term spending and voter-targeted tax breaks that would widen the budget deficit. Freeland previously led a cabinet group tasked with developing strategies to address US policies under President-elect Donald Trump. Trump has threatened 25 percent tariffs on Canadian goods , a scenario Deutsche Bank strategist Michael Puempel said is now more likely given Canada's current political turmoil. “Simply put, unless there is more stability in Canadian political leadership, we b
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