Canadian Dollar and Business Outlook: Tariff threat pulling loonie lower

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar was weaker on Friday morning as the 25 per cent tariffs United States President Donald Trump has threatened on Canada are set to take effect tomorrow.

As of 8:37 am CST, the loonie was at US$0.6882 or US$1=C$1.4527 compared to Thursday’s close of US$0.6938 or US$1=C$1.4414. On the United States Dollar Index, the greenback advanced 0.574 of a point at 108.205.

Benchmark crude oil prices were relatively steady on Friday morning due to Trump’s tariff threat and whether it includes Canadian crude oil or not.

Brent crude oil tacked on nine cents at US$76.78 per barrel and West Texas Intermediate inched up one cent at US$72.72.

Statistics Canada reported on Friday that the country’s gross domestic product slipped 0.2 per cent in November, following a 0.3 per cent increase in October.

Shortly after the TSX/S&P Composite Index opened, nudged up 22.83 points at 25,831.08.

Gold was up US$4.50 at US$2,849.70 per ounce.