The Globe and Mail reports in its Saturday edition that the Canadian dollar is rallying against the U.S. dollar as investors question the safe-haven status of U.S. investments at a time when President Donald Trump is changing his trade policies, sometimes by the day. The Globe's Jason Kirby writes that the loonie surged above 72 U.S. cents on Friday, its highest level since just after Mr. Trump was elected last November. The currency's gains this week broadly defied analyst expectations for the loonie to weaken in a trade war. The Canadian dollar, which briefly traded below 68 U.S. cents in February, has now risen 3.7 per cent this year. Since Mr. Trump's so-called "Liberation Day" announcement of steep tariffs on most countries earlier this month, followed by his flip-flop decision on Wednesday to pause the most egregious of those tariffs except for those on China, markets have seen investors flee U.S. investments -- first stocks, then U.S. government treasuries and the U.S. dollar. "Based on all that you'd expect the Canadian dollar to keep falling, but the loonie is finally getting some respect," said BMO economist Sal Guatieri, adding a strong loonie gives the Bank of Canada "more wiggle room to cut rates further."