The Canadian dollar weakened against its U.S. counterpart on Friday as optimism waned that Canada would reach a trade deal with the United States before an August 1 deadline and ahead of a Bank of Canada interest rate decision.

The deal imposes 15% tariffs on Japanese cars and other goods, one of the more favorable rates. While the start date and other basic elements are still unknown, Treasury Secretary Scott Bessent warned this week that the US would monitor implementation and bump the rate up to 25% if Trump isn’t satisfied.

The investment bank thinks a 9–0 ruling against Trump is likely. That doesn’t mean the tariffs will just go away.

Gold prices slipped on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.9% to $3,336.01 per ounce by 02:01 p.