Glacier FarmMedia | MarketsFarm — The Canadian dollar retreated by approximately one-tenth of a United States cent on Tuesday despite increased crude oil prices.
The loonie closed the day at US$0.7312 or US$1=C$1.3677, compared to US$0.7323 or US$1=C$1.3656 on Monday.
The U.S. Dollar Index was up 0.02 of a point at 97.50. U.S. President Donald Trump sent letters to 14 countries outlining tariff rates for their exports entering the U.S., but Canada was not one of them. However, he did impose a 50 per cent levy on copper. Canada sent 52 per cent of its copper exports to the U.S. in 2023 at a total of C$9.3 billion.
Benchmark crude oil prices were higher on Tuesday after the Energy Information Administration forecast less U.S. oil production than expected, as well as attacks by Houthi rebels on shipping vessels in the Red Sea. West Texas Intermediate was up US$0.35 per barrel at US$68.28. Brent crude oil rose US$0.52/barrel at US$70.10.
The TSX/S&P Composite Index lost 116.71 points at 26,903.57.
Gold fell US$31.10 per ounce at $3,311.70.
