1516 GMT - The Canadian dollar is likely to drop even further after U.S. President Trump confirmed he would implement 25% tariffs on goods from Canada as well as Mexico, MUFG strategists forecasts in their monthly FX outlook. The Canadian currency tumbled to its lowest since 2003 overnight, reaching 1.4794 per U.S. dollar, according to FactSet, and MUFG expects it to drop to 1.52 by the end of the first quarter. "We expect this initial move to extend and our U.S. dollar forecasts suggest scope for gains through the first quarter and into the second quarter before some modest reversal by mid-year." The Canadian dollar recovers some of its steep losses for now, with USD/CAD last at 1.4687. (jessica.fleetham@wsj.com)
(END) Dow Jones Newswires
February 03, 2025 10:18 ET (15:18 GMT)
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