Canadian Dollar and Business Outlook: Loonie pushes higher
Trump appears to be set to slap levies on Canada, Mexico tomorrow
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar bumped up on Monday morning due to weakness in its United States counterpart the day ahead of the Trump administration imposing tariffs on imports from Canada and Mexico.
As of 8:38 am CST, the loonie was at US$0.6944 or US$1=C$1.4400 compared to Friday’s close of US$0.6926 or US$1=C$1.4438. On the U.S. Dollar Index, the greenback dropped 0.883 of a point at 106.675.
Benchmark crude oil prices edged upward on Monday morning in light of likelihood of the U.S. going ahead with those tariffs as well as uncertainty over its relations with Ukraine.
Brent crude oil rose 36 cents at US$73.17 per barrel and West Texas Intermediate added on 34 cents at US$70.10.
The TSX/S&P Composite Index gained 125.10 points at 25,518.55.
Gold advanced US$34.90 at US$2,883.40 per ounce.
