Market News
Canadian dollar hits one-month low as tariff deadline confirmed - REUTERS
By Fergal Smith
Summary
- Canadian dollar weakens 0.5% against the greenback
- Touches a one-month low at 1.4541
- Price of oil settles nearly 2% lower
- 2-year yield falls 8 basis points
TORONTO, March 3 (Reuters) - The Canadian dollar weakened to a one-month low against its U.S. counterpart on Monday as U.S. President Donald Trump said that tariffs on Canada and Mexico will go into effect on Tuesday, denting hopes of another reprieve.
The loonie was trading 0.5% lower at 1.4535 per U.S. dollar, or 68.80 U.S. cents, after touching its weakest intraday level since February 3 at 1.4541.
"As recently as an hour ago, markets had assumed that tariffs would not be imposed, or that they would be dramatically watered down," Karl Schamotta, chief market strategist at Corpay, said in a note.
