Loonie Weakens as Tariffs Loom

The Canadian dollar is experiencing weakness ahead of potential US tariffs on nearly C$20 billion worth of Canadian goods. The uncertainty surrounding this move has weighed on the financial markets, causing the Loonie to settle at a lower value relative to its US counterpart.

According to recent data, the Canadian dollar closed at US$0.7200 or US$1=C$1.3889, slightly weaker than Monday's close of US$0.7212 or US$1=C$1.3865.

Despite this weakness, crude oil prices have increased, with West Texas Intermediate rising 0.8% to US$84.38 per barrel.

The TSX Composite Index also took a hit, falling by 299.99 points to close at 36,367.93 points.