Canadian Dollar and Business Outlook: Trump gets trade war
Trudeau to announce retaliatory measures this morning
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar slipped lower on Tuesday morning in light of the 25 per cent tariffs United States President Donald Trump imposed on Canada and Mexico.
As of 8:41 am CST, the loonie was at US$0.6915 or US$1=C$1.4461 compared to Monday’s close of US$0.6931 or US$1=C$1.4428. On the U.S. Dollar Index, the greenback lost 0.559 of a point at 106.110.
Canadian Prime Minister Justin Trudeau is scheduled to announce Canada’s countermeasures at 9:30 am CST. They’re widely expected to include C$30 billion in immediate levies to be followed by C$125 billion more.
Benchmark crude oil prices were lower on Tuesday morning due to Trump’s tariffs and OPEC+ announcing it will proceed with output increases next month.
Brent crude oil gave up US$1.01 at US$70.61 per barrel and West Texas Intermediate was down 71 cents at US$67.66.
The TSX/S&P Composite Index dropped 386.72 points at 24,614.85.
Gold added US$27.00 at US$2,928.10 per ounce
