Glacier FarmMedia | MarketsFarm — The Canadian dollar was virtually unchanged on Thursday as proposed tariff rates by United States President Donald Trump were top of mind in the market.
The loonie was at US$0.7305 or US$1=C$1.3689 as of 8:24 a.m. CDT, compared to Wednesday’s close at US$0.7303 or US$1=C$1.3693.
The United States Dollar Index added 0.09 of a point at 97.64. Trump has sent letters to 22 countries this week, outlining tariff rates on their exports to be imposed by Aug. 1. He threatened a 50 per cent tariff on Brazilian imports on Wednesday, while also warning of an additional 10 per cent levy on BRICS countries, of which Brazil is a member.
Crude oil prices were down due to a bearish market outlook brought on by Trump’s tariff plans, as well as the proposed OPEC+ production boost come August.
Brent crude oil fell US$1.04 per barrel at US$69.15/barrel. West Texas Intermediate lost US$1.22 at US$67.16/barrel.
The TSX/S&P Composite Index was down 0.55 of a point at 26,971.77.
Gold rose US$12.30 per ounce at $3,333.30.
