By Commodity News Service Canada
Aug 8 (CNS Canada) – The Canadian dollar
remained under pressure in overnight markets after
a difficult day in North America. The loonie is being
pressured by increased trade tensions with the U.S.
and investors taking profits. As well, investors may
be becoming risk adverse as a diplomatic dispute
between Canada and Saudi Arabia heats up.
The Canada/U.S. exchange rate was 0.7657, or
C$1.3060 at 8:40 a.m. CDT this morning. It closed
yesterday at 0.7679 or C$1.3023.
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worth of U.S. goods with import tariffs of 25 per
cent. Products on the target list include steel,
oil, and medical equipment. The tariffs are in
response to the U.S. decision to slap 25 per cent
tariffs on US$16 billion in Chinese goods.
Germany and China are defending their business
links to Iran, after U.S. President Donald Trump
warned that any companies trading with Iran would
be barred from the U.S. European countries are
hoping to convince Iran to continue to abide by a
2015 deal in which it curbed its nuclear program in
exchange for a relaxation of foreign trade
sanctions. The U.S. has pulled out of the deal.
The S&P/TSX was unchanged from yesterday’s
close at 16,285.79 at 8:48 a.m. CDT, and down 0.71
per cent from the five-day high.
In the U.S., the S&P 500 was down 0.13 per cent
or 3.64 points to 2,854.81. The Dow Jones lost 0.05
per cent to 25,615.36 and Nasdaq Composite declined
0.24 per cent to 7,865.08.
West Texas Intermediate crude fell 1.43 per
cent, or 99 cents U.S. early this morning to
US$68.19.
