Loonie strengthens as trade concerns prompt US dollar sell

Investing.com -- The Forex buying appCanadian dollar strengthened after traders sold off the U.S. dollar due to escalating trade fears.

Shaun Osborne from Bank of Nova Scotia (NYSE:BNS) highlighted concerns about US growth, accompanied by worries about persistent high prices.

These concerns are expected to intensify this week if the US proceeds with its tariff plans, which are anticipated to increase price pressures and slow down activity in vital industrial sectors.

In terms of exchange rates, the USD/CAD dropped 0.2% to 1.4423 as of 8:08 a.m. EST time. This change in currency value indicates that the loonie is on track to end a six-day winning streak.

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