Loonie Weakens Ahead of Tariffs Amid Canada-US Trade Tensions

The Canadian dollar has weakened in relation to its US counterpart due to uncertainty over looming U.S. tariffs.

The Loonie settled at US$0.7200 or US$1=C$1.3889, compared with Monday's close of US$0.7212 or US$1=C$1.3865.

The US may impose 50% tariffs on nearly C$20 billion of Canadian goods starting Wednesday.

Prime Minister Mark Carney reportedly spoke with U.S. President Donald Trump on Monday, but there was no news of a last-minute deal to avert the tariffs.