Forex
Canadian Loonie Weakened by Escalating Trade Tensions with US
The Canadian dollar weakened against the US dollar on Monday, losing about 0.6% of its value as investors reacted to escalating trade tensions between the two countries.
US President Donald Trump threatened higher tariffs on Canadian automobiles, parts, and steel, which led to a sharp decline in the loonie's value.
The loonie was trading around 72.24 US cents, down about 0.4% on the day, while the US dollar was around C$1.385.
Canadian exporters, including those in the winemaking, dairy farming, furniture manufacturing, and hockey equipment industries, are now subject to new levies as a result of the trade dispute.