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January 20, 2025
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Financial Post: Canadian dollar gets 'temporary reprieve' as Trump holds off on tariff threat

“Although more nuanced messaging from the White House could trigger a global relief rally in the short run, risk-reward ratios in other currencies will remain skewed to the downside, limiting any appetite for directional bets against the greenback,” Karl Schamotta, chief market strategist at Corpay Inc., said in note prior to it becoming clear that the new president would not opt for 25 per cent tariffs — the most extreme option he had floated — on day one of the administration. Schamotta warned, however, that “participants will remain unwilling to step in front of the dollar steamroller” and bet against it. “Trump’s history suggests that no ‘moment of clarity’ is coming, meaning that uncertainty levels — particularly on the trade front — could remain near historic highs for many months yet, weakening global consumer sentiment, delaying business investment and raising implied volatility expectations in currency markets,” he said. Financial Post: Canadian dollar gets 'temporary reprieve' as Trump holds off on tariff threat