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

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.

The Canadian currency was trading 0.5% lower at 1.4590 to the US dollar, or 68.54 US cents, after earlier tumbling to its weakest level since April 2003 at 1.4793