The Canadian dollar traded steady at 1.365 per USD, not far from its eight-month high of 1.354 on June?16th, buoyed by broad US dollar weakness following dovish Fed pricing, Fed Chair Powell’s patient stance, and mounting fiscal concerns after President Trump’s $3.3?trillion tax-and-spending bill and a surprise 33,000-job ADP decline. At the same time, renewed uncertainty over US trade policy, particularly the looming July?21st framework deadline for autos, steel and aluminum talks post-digital services tax repeal, and the threat of higher tariffs on other partners has weighed on Canada’s export outlook. Domestically, S&P Global’s June Canada Manufacturing PMI tumbled to 45.6, its weakest reading in over five years, marking a fifth consecutive month of factory contraction amid tariff-pressured export orders and steep inventory drawdowns, adding to growth anxieties.