Canadian Dollar and Business Outlook: Loonie rises, tariffs delayed

Glacier FarmMedia | MarketsFarm – The Canadian dollar surged on Tuesday morning after United States President Donald Trump announced on Monday afternoon that planned tariffs on Canadian and Mexican imports into the U.S. will be delayed until March. However, tariffs between the U.S. and Chinese imports started today.

The loonie was at US$0.6954 or US$1=C$1.4380 as of 8:32 a.m. CST, compared to Monday’s close at US$0.6848 or US$1=C$1.4603. The U.S. Dollar Index dropped 0.45 of a point at 108.54.

Crude oil dropped after China imposed retaliatory tariffs on U.S. goods. Brent crude oil fell US$1.74 at US$74.22 per barrel. West Texas Intermediate (WTI) tumbled US$2.40 at US$70.76/barrel.

The TSX/S&P Composite Index was up 52.19 points at 25,293.95.

Gold advanced US$10.00 per ounce at US$2,867.10.