Forex
Loonie Tumbles Amid US Tariffs and Trump Threats
The Canadian dollar took a hit in late-morning trading as the US imposed 50% tariffs on around $28 billion worth of Canadian goods. President Donald Trump's threat to increase tariff hikes on vehicles, auto parts, and steel added to the loonie's decline.
The loonie traded for 72.27 cents US compared to 72.67 cents US on Friday, a drop of about 0.3%. This move comes after trade talks between Canada and the US broke down on Friday night.
The S&P/TSX composite index rose by 39.91 points to 36,660.14. However, the October crude oil contract fell by $2.16 to $84.90 per barrel, while the December gold contract increased by $51.40 to $4,732.00 an ounce.