Canadian Dollar and Business Outlook: Loonie, oil prices down

The Canadian dollar continued its decline on Tuesday morning.

The loonie was at US$0.7315 or US$1=C$1.3671 as of 8:28 a.m. CDT, compared to Monday’s close at US$0.7323 or US$1=C$1.3656.

The United States Dollar Index added 0.06 of a point at 97.54. U.S. President Donald Trump sent letters to 14 countries outlining the tariff rates for their exports coming into the U.S. starting Aug. 1. However, Canada was not one of those countries and the July 21 deadline to reach a new deal with the U.S. remains.

Crude oil prices were down due to Trump’s upcoming tariffs and OPEC+’s plans to raise output starting next month.

Brent crude oil declined US$0.20 per barrel at US$69.38/barrel. West Texas Intermediate lost US$0.32 at US$67.61/barrel.

The TSX/S&P Composite Index added 24.26 points at 27,044.54.

Gold lost US$10.10 per ounce at $3,332.70.