The Canadian dollar is weakening, and Trump plans to impose a 35% tariff on Canadian goods.

President Trump said that the United States will impose a 35% tariff on Canadian goods starting from August 1st, causing the Canadian dollar to fall. The USD/CAD pair briefly rose by 0.6% to 1.3731; the USD also rose against all G10 currencies, with the USD index rising by 0.2%. The AUD/USD fell by 0.4% to 0.6561. The NZD/USD also fell by 0.4% to 0.6014.