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The Canadian dollar extended its losses as United States officials downplayed the likelihood of a last-minute trade deal with Canada ahead of a critical tariff deadline. Despite an expected conversation between US President Donald Trump and Canadian Prime Minister Mark Carney, White House reports indicate that no major breakthrough has been achieved yet to justify postponing the planned trade measures. The US is set to impose 50% tariffs on approximately $20 billion worth of Canadian imports, making the situation highly volatile for Canadian assets.
