The Canadian dollar strengthened against its U.S. counterpart on Friday, clawing back much of its weekly decline, as equity markets rebounded and Mark Carney was sworn in as the country's prime minister.

Canada will announce Canadian $29.8 billion or $20.7 billion in retaliatory tariffs in response to the 25% steel and aluminum tariffs that U.S. President Donald Trump has leveled

He also said that markets are going to swing up and down over time, dismissing concerns that led to a sell-off. He said the tariffs were needed in order to get American jobs back

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.