Canadian Dollar showed a rise after Carney’s election victory

The Canadian dollar (CAD) increased against the US dollar after the election of Mark Carney as the country’s new Prime-Minister on Monday, according to Bloomberg.

One of his tasks at the post will be the stabilization of the Canadian economy and weakening its dependence on the country's most important trading partner—the United States. The reasons for such intentions were the introduction of tariffs by the administration of United States President Donald Trump. As a result, the state authorities imposed retaliatory tariffs on imports worth more than $60 million.

However, during the morning trading, the Canadian dollar lost some of its gains, falling to 1.3865.

Earlier this year, the currency showed a 4% rise against the US dollar. This was due to the mass outflow of investors' funds from US assets. However, the increase remained the lowest among the 10 key currencies.

According to Citigroup analysts, CAD could fall to as low as 1.45 per US dollar if trade tensions with America escalate again.