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Forex - USD/CAD Drops to 4-Month Lows in Early Trade

Published 01/24/2018, 09:31 AM
Updated 01/24/2018, 09:31 AM
© Reuters.  Broadly weaker greenback loses ground vs. loonie

Investing.com - The U.S. dollar dropped to four-month lows against its Canadian counterpart on Wednesday, as concerns over the effects of U.S. President Donald Trump's protectionist agenda weighed heavily on the greenback.

USD/CAD was down 0.56% at 1.2351 by 09:30 a.m. ET (13:30 GMT), the lowest since September.

The greenback came under broad selling pressure after White House officials on Tuesday said that President Trump was planning on using his speech at the World Economic Forum in Davos on Friday to underline his "America First" policies.

Such policies include a potential withdrawal from the North American free-trade agreement and disavowing the global climate change accord.

The dollar only briefly rebounded after Congress approved a measure on Monday to fund the government for around three weeks and President Donald Trump signed the bill, ending the three-day government shutdown.

The loonie was lower against the euro, with EUR/CAD adding 0.09% to 1.5286.

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