The Canadian dollar recovered from an earlier one-week low against its U.S. counterpart on Tuesday as American and Canadian officials agreed to meet to discuss a trade war that showed signs of heating up,

President Donald Trump said stiff new tariffs on imports from Mexico and Canada would take effect on April 2, about a month later than an earlier deadline for the levies to take effect, giving the loonie a short-lived boost.

The U.S. dollar rose to a one-week high against the Canadian dollar on Tuesday after President Donald Trump hit Canada with more tariffs, while the euro hit a new four-month peak against the U.S. currency on hopes of a German defence spending deal.