The Canadian dollar is trading at its lowest level against the U.S. currency since 2003 amid signs of an escalating trade war between the two

In what could be described as an indictment of the last decade's worth of Canadian economic policy, the Canadian dollar sits at the precipice of 22 year lows as traders wait for Sunday futures to open.

The Canadian dollar dropped below 68 cents U.S. for the first time in more than two decades on Monday before rebounding by more than a cent, as uncertainty over a North American trade war sparked volatility across financial markets.