Glacier FarmMedia — The Canadian dollar was slightly softer relative to its United States counterpart on Tuesday.
- The Canadian dollar settled at US$0.7201 or US$1=C$1.3886, which compares with Monday’s close of US$0.7207 or US$1=C$1.3875.
- While touring a Ford plant in Michigan, U.S. President Donald Trump claimed the country’s agreement with Canada and Mexico (CUSMA) was “irrelevant” to him and said the country doesn’t need Canadian products.
- The total value of building permits issued in Canada declined 13.1 per cent in November from the previous month to C$12.0 billion, reported Statistics Canada. The residential sector was down 12.0 per cent on the month, while the non-residential sector posted a 14.9 per cent decline.
- Central bankers from around the world, including Bank of Canada governor Tiff Macklem, expressed “full solidarity” with U.S. Federal Reserve Chair Jerome Powell in a statement. Powell is facing a criminal investigation from Donald Trump’s justice department — an action generally seen as an attempt to undermine the Fed’s independence in setting interest rates.
- Gold fell off its record highs, losing US$20.32 at US$4,594.40 per ounce.
- Canadian Prime Minister Mark Carney begins his visit to China today, with trade expected to be a key topic of discussion.
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- Crude oil strengthened amid escalating tensions in Iran, with West Texas Intermediate crude oil up by 2.52 per cent at US$61.00 per barrel.
- The TSX Composite Index lost 4.34 points at 32,870.36 points.
