Canadian Dollar Down Amid Trade Tensions, Weak Jobs Report

Loonie falls against major currencies.

As trade tensions with the US continue and a weak jobs report weighs on confidence, the Canadian Dollar is down.

The dollar is currently (10:30 am CT) at 0.77 USD, down 0.10%.

As reported by BNN Bloomberg, “The Canadian dollar is facing selling pressures as the G-7 summit reinforced the confrontation between Canada and the U.S., particularly concerns about U.S. targeting automobile sector which is a huge blow for Canada,” said Ko Haruki, head of the financial solutions group at CIBC World Markets (Japan) in Tokyo. “CAD is also weighed by fundamentals after a weak employment report last week.”

While concern over trade issues is having an impact on the Loonie, the failed policies of the Trudeau government are negatively impacting our economy.

Investment is fleeing the country, regulations are destroying confidence in development, and the carbon tax is having a devastating impact on consumers.

Yet, we can be sure that the Trudeau government will blame upcoming economic struggles solely on trade problems, even though Canada’s economic struggles under Trudeau started much earlier. As I said on Twitter, we can’t let Trudeau get away with it:

“One thing all Canadians need to watch out for: Our economy has been weakening due to Trudeau’s failed policies (carbon tax, excessive regulations). Yet, expect Trudeau to do everything he can to blame upcoming economic trouble solely on trade dispute with USA. Don’t believe it!”

Spencer Fernando