Loonie Unchanged, Crude Oil Prices Tumble Amid US Diplomatic Shift
The Canadian dollar remained largely unchanged on Tuesday despite the announcement of counter-tariffs against the United States. The loonie finished at US$0.7226 or US$1=C$1.3839, compared to US$0.7224 or US$1=US$1.3842 on Monday.
The Canadian government announced C$27.6 billion worth of duties on some U.S. goods, as well as C$7.5 billion in financial support for affected workers and businesses.
Crude oil prices took a hit on Tuesday after reports that the U.S. plans to send diplomats to their embassies in the Middle East. The increased vessel traffic through the Strait of Hormuz and a reduced threat level for shipping in the Gulf of Oman weighed on prices, with West Texas Intermediate losing US$3.91 per barrel at US$81.10, and Brent crude oil falling US$4.86/barrel at US$87.31.