Loonie Down as Trade Tensions and Crude Oil Prices Weigh on Markets
The Canadian dollar declined slightly on Tuesday morning due to ongoing trade tensions between Canada and the US. The loonie was trading at US$0.7219 or C$1=US$1.3852 as of 8:33 a.m. CDT, down from Monday's close of US$0.7224 or C$1=US$1.3842.
Canada is expected to announce countermeasures and new supports for workers on Tuesday in an effort to mitigate the economic impact of US tariffs.
Crude oil prices continued their downward trend, falling due to a warning from U.S. Treasury Secretary Scott Bessent that countries trading with Iran would face financial penalties if they don't sever ties. The Brent crude oil price retreated US$2.63 at US$89.54 per barrel, while West Texas Intermediate fell US$2.40 at US$82.61/barrel.
The TSX/S&P Composite Index added 12.70 points at 36,726.82, and gold lost US$22.30 per ounce at US$4,675.50.