Canadian Dollar and Business Outlook: Loonie falls on Trump tariff talk
25 per cent hike on Trump's first day
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was weaker on Tuesday morning, following the announcement by United States President-elect Donald Trump that his administration would slap a 25 per cent tariff on imported goods from Canada.
As of 8:36 am CST, the loonie was at US$0.7085 or US$1=C$1.4114 compared to Monday’s close of US$0.7153 or US$1=C$1.3980. On the U.S. Dollar Index, the greenback bumped up 0.050 of a point at 106.820.
Benchmark crude oil prices were slightly higher on Tuesday morning as the market considered the Trump tariff plans and the prospects of a ceasefire between Israel and Hezbollah.
Brent crude oil added 55 cents at US$73.56 per barrel and West Texas Intermediate rose 63 cents at US$69.57.
Shortly after Tuesday’s open, the TSX/S&P Composite Index gave up 72.25 points at 25,338.10.
Gold was up US$14.20 at US$2,632.70 per ounce.
