Canadian Financial Close: C$ firm Tuesday

Glacier FarmMedia | MarketsFarm — The Canadian dollar was slightly firmer on Tuesday, as currency traders largely ignored the latest trade threats coming out of the United States.

The Canadian dollar settled at US$0.6990 or US$1=C$1.4307, which compares with Monday’s close of US$0.6982 or US$1=C$1.4323.

U.S. President Donald Trump signed an executive order that will see 25 per cent tariffs on all steel and aluminum imports to the country starting March 12. Canada currently accounts for nearly 80 per cent of U.S. aluminum imports and is also a major source of steel.

The total value of building permits issued in Canada increased 11.0 per cent in December from the previous month to hit C$13.1 billion, reported Statistics Canada. The residential sector led the move, rising 21.2 per cent during the month.

Crude oil was stronger, with West Texas crude oil up by 1.16 per cent at US$73.16 per barrel.

The TSX Composite Index lost 27.03 points to close at 25,631.83 points.