Canadian Dollar Holds Steady as Oil Prices Tumble Amid Middle East Tensions

The Canadian dollar remained relatively stable on Tuesday despite the announcement of counter-tariffs against the United States.

The loonie finished at US$0.7226 or US$1=C$1.3839, compared to US$0.7224 or US$1=US$1.3842 on Monday.

The Canadian government announced a total of C$27.6 billion worth of duties on some U.S. goods, as well as C$7.5 billion in financial support for affected workers and businesses.

Crude oil prices dropped due to increased security measures in the Middle East, with West Texas Intermediate losing US$3.91 per barrel at US$81.10 and Brent crude oil falling US$4.86/barrel at US$87.31.