Loonie Drops as Trade Talks Between Canada and US Fail

The Canadian dollar experienced a decline over the weekend following the collapse of trade talks between Canada and the United States.

Canada walked away from the negotiating table on Friday, citing last-minute changes to U.S. demands as the reason for their withdrawal.

As a result, some Canadian goods were hit with a 50% tariff, prompting Canada to retaliate by imposing matching tariffs on U.S. goods beginning September 8th.

The decline in trade talks also had a ripple effect on other markets, with crude oil prices experiencing a downward trend as investors await the U.S.'s announcement of new economic measures against Iran.