The Canadian dollar tumbled to a near five-year low against its U.S. counterpart on Thursday and bond yields fell as U.S. President Donald Trump repeated his threat of hefty tariffs on goods from Canada and Mexico,

The vast majority of Canadian business leaders want a targeted, dollar-for-dollar retaliatory response if the United States delivers on its tariff threats this week, a new KPMG in Canada survey found.

The Canadian dollar weakened against the greenback on Wednesday as the Bank of Canada cut interest rates to support the economy ahead of expected U.S. trade tariffs, helping to widen the gap between Canadian and U.