Canadian Financial Close: Tariffs pull loonie lower
Trudeau announces counter measures to Trump tariffs
By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar pulled back on Tuesday, as the financial markets reacted to the tariffs imposed by United States President Donald Trump.
The loonie closed Tuesday at US$0.6902 or US$1=C$1.4489, compared to Monday’s finish of US$0.6931 or US$1=C$1.4428. On the U.S. Dollar Index, the greenback fell hard by 1.154 points at 105.515.
As expected, Canadian Prime Minister Justin Trudeau announced C$30 billion in immediate levies on imports from the U.S. with up to C$125 billion more to be added.
Benchmark crude oil prices were slightly lower on Tuesday despite a tumultuous day that included U.S. tariffs, retaliatory measures, forthcoming OPEC+ output increases, and the Trump administration ordering Chevron to end its Venezuelan oil exports in 30 days.
Brent crude oil gave up 53 cents at US$71.09 per barrel and West Texas Intermediate was down 62 cents at US$67.75.
It was another tough day for the TSX Composite Index, falling 429.57 points on Tuesday to close at 24,572.00. While the TSX lost 1.72 per cent, the DOW dropped 1.55 per cent, the S&P 500 pulled back 1.22 per cent and the Nasdaq slipped 0.35 per cent.
Gold gained US$25.20 at US$2,926.30 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn $ 0.09 at $ 7.18 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 2.32 at $ 48.73 Maple Leaf Foods dn $ 0.60 at $ 24.62 Nutrien Ltd. dn $ 1.69 at $ 70.21 RB Global Inc. dn $ 3.30 at $145.70
(All figures are in Canadian dollars)
