Canadian Dollar and Business Outlook: Loonie steps back
Uncertainty dominates Wednesday's U,S. tariffs
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar pulled back on Monday morning, as uncertainty surrounds the next round of United States tariffs set to be imposed by President Donald Trump on Wednesday.
As of 8:33 am CDT, the loonie was at US$0.6960 or US$1=C$1.4369 compared to Friday’s close of US$0.6990 or US$1=C$1.43307. On the U.S. Dollar Index, the greenback nudged up 0.061 of a point at 103.770.
Benchmark crude oil prices were higher on Monday morning after Trump threatened to bomb Iran should it refuse a deal on its nuclear program. Also, the U.S. president warned he will slap secondary tariffs on other countries buying Russian oil.
Brent crude oil gained 59 cents at US$74.22 per barrel and West Texas Intermediate added 40 cents at US$69.76.
Shortly after The TSX/S&P Composite Index opened, it dropped 184.19 points at 24,574.96.
Gold jumped US$40.00 at US$3,154.30 per ounce.
