0921 GMT - The Canadian dollar faces a volatile week with risks skewed towards losses given Donald Trump's trade tariff threats ahead of his presidential inauguration later and Canada's political uncertainty, Monex Europe analysts say in a note. "While events in the U.S. are likely to dictate price action for [USD/CAD], the size of any moves will be exacerbated by political dysfunction in Canada," they say. Justin Trudeau's resignation as Canadian Prime Minister leaves the country without an effective government at a "highly inopportune moment." This is unlikely to change any time soon. Monex expects USD/CAD to rise to 1.50 before mid-year. USD/CAD falls 0.1% to 1.4471, having reached its highest level since March 2020 at 1.4485 overnight, according to LSEG.(renae.dyer@wsj.com)
(END) Dow Jones Newswires
January 20, 2025 04:21 ET (09:21 GMT)
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