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• The Canadian Dollar backslid 0.5% against the Greenback on Monday.
• Loonie markets are coiling ahead of the Trump administration’s self-imposed tariff day on April 2.
• Key labor figures from both Canada and the US are due later this week.

The Canadian Dollar (CAD) headed lower on Monday, kicking off the new trading week by shedding half of a percent against the US Dollar (USD) as the Trump administration’s April 2 deadline for sweeping tariffs looms ahead. The Loonie has accelerated its weak positioning, losing ground for a third straight trading day.

The Trump team still intends to carry through with a wide swath of targeted and “reciprocal” tariffs on April 2, which will include retaliatory tariffs on any country that has its own import restrictions on US goods, as well as targeted sector tariffs on automobiles, as well as Canadian goods and materials from the European Union.

Daily digest market movers: Markets jostle for position ahead of tariff deadline
 

• The Canadian Dollar slipped on Monday, falling 0.5% against the Greenback as market flow jitters underpin positioning.
• Tariff concerns are quickly taking center stage, crimping investor sentiment.
• The Trump administration is poised to kick in several tariff packages, many of which will be cumulative and drastically impact both US consumers and US trading partners.
• Key labor data is due at the end of the week from both Canada and the US.
• Canadian labor figures and US Nonfarm Payrolls (NFP) prints this week will serve as “bellwether” datapoints for pre- and post-tariff analysis.

Canadian Dollar price forecast: Loonie extends backslide as tariffs loom
 

The Canadian Dollar lost further ground to kick off the new trading week, falling against the US Dollar and kicking the USD/CAD chart back toward the 1.4400 handle. Despite the Loonie’s fresh-found weakness in the face of tariff pressures, USD/CAD remains in incredibly familiar territory.

USD/CAD has cycled within a choppy range for nearly four months. The Loonie remains trapped in congestion against the Greenback, and even near-term choppiness from geopolitical factors leaves USD/CAD in an environment where technical patterns still lend themselves to trading consolidation patterns.

USD/CAD daily chart
 

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