Canadian Dollar and Business Outlook: Loonie, TSX tumble due to tariffs

Glacier FarmMedia | MarketsFarm – The Canadian dollar was down hard on Monday morning as tariffs from the United States on Canadian and Mexican imports, as well as retaliatory tariffs go into effect tomorrow.

The loonie was at US$0.6817 or US$1=C$1.4669 as of 8:31 a.m. CST, compared to Friday’s close at US$0.6904 or US$1=C$1.4484. The United States Dollar Index gained 0.80 of a point at 109.17.

Crude oil jumped in anticipation of 10 per tariffs on energy products from both the U.S. and Canada. Brent crude oil rose US$1.39 at US$77.06 per barrel. West Texas Intermediate (WTI) surged US$1.97 at US$74.50/barrel.

The TSX/S&P Composite Index fell sharply in losing 502.56 points at 25,030.54.

Gold advanced US$19.10 per ounce at US$2,854.10.