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Canadian Dollar and Business Outlook

WINNIPEG, MB, Mar. 5, 2018 (CNS Canada), Mar 05, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The Canadian dollar opened lower Monday, as fears continued to grow over United States President Donald Trump's threats to impose tariffs on steel and aluminum.

At 9:00 CST Monday morning the Canadian dollar was at US$0.7704 or C$1.2977, which compares with Friday's North American close of US$0.7757 or C$1.2891.

Oil prices edged lower toward US$64 per barrel on Monday on predictions of a major spike in U.S. oil output in the next five years. Brent crude fell 21 cents to US$64.16 per barrel.

Wall Street opened lower Monday as investors remained concerned about the increasing likelihood of a global trade war following Trump's threat to impose hefty tariffs on steel and aluminum. The Dow Jones Industrial Average dropped 141.26 points, or 0.58 per cent, to 24,396.80. The S&P 500 fell 12.75 points, or 0.47 per cent, to 2,678.50. The Nasdaq Composite lost 33.64 points, or 0.46 per cent, to 7,224.22.

The Toronto TSX/S&P Composite Index opened lower on Monday, following global stocks down on fears of a trade war with the U.S. if Trump proceeds on the tariffs. The TSX/S&P fell 44.38 points, or 0.3 per cent, lower at 15,384.59.

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