Loonie Tumbles After Failed Trade Talks with US

The Canadian dollar took a hit over the weekend after trade negotiations between Canada and the US broke down on Friday.

The loonie fell to $0.7232 or $1=C$1.3827 by Monday morning, down from its closing price of $0.7267 or $1=C$1.3760 on Friday.

This decline comes after Canada walked away from the negotiating table in response to last-minute changes made by the US in its demands.

The US had proposed tariffs of up to 50% on certain Canadian goods starting September 8, prompting a matching retaliation from Canada with tariffs on US goods.