The U.S. dollar gained ground on Monday after the United States unveiled new tariffs against Canada. The Canadian loonie fell in response to the U.S. announcement. Canadian officials stated that Canada will counter the U.S. tariffs in equal measure.
Iran's rial currency sank to a new historic low as the United States set to impose more sanctions against the country. In broader currency markets, hedge funds accumulated short positions on the dollar ahead of Bessent's fiscal plan. Debt concerns also kept the dollar hovering near multi-month lows.