Loonie Soars Amid Counter-Tariffs and Global Tensions

The Canadian dollar saw an increase on Tuesday morning as markets reopened after the Labour Day long weekend. This comes as Canada implemented counter-tariffs matching those imposed by the United States, affecting US$28 billion worth of imports, including dairy products and plywood.

The Loonie reached a value of US$0.7255 or US$1=C$1.3884 at 8:39 am CDT, up from Friday's close of US$0.7225 or US$1=C$1.3840. The U.S. Dollar Index also saw a decline to 98.550.

Crude oil prices rose in tandem with global events, increasing by $1.56 at US$93.04 per barrel for West Texas Intermediate and $0.87 at US$97.87 for Brent crude. The TSX/S&P Composite Index fell by 250.30 points to 36,263.50.