By Commodity News Service Canada
WINNIPEG, April 4 (CNS Canada) – The Canadian dollar was weaker Wednesday, as fears grew of a possible trade war between the United States and China.
At 8:50 CDT Wednesday morning the Canadian dollar was at US$0.7789 or C$1.2833, which compares with Tuesday’s North American close of US$0.7805 or C$1.2812.
Oil fell to its lowest price in two weeks Wednesday, after China announced it would impose tariffs on a number of U.S. goods, including agricultural products, in retaliation for tariffs announced by the U.S. Tuesday, raising the prospect of a growing trade war that could impact global growth. Brent crude dropped US$0.84 to US$67.28 per barrel.
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The Dow Jones Industrial Average dropped more than two per cent at open Wednesday, as big U.S. manufacturers, grain merchants and chipmakers bore the brunt of a deepening trade dispute between China and the U.S. The Dow lost 506.21 points, or 2.11 per cent, to 23,527.15. The S&P 500 dropped 40.75 points, or 1.56 per cent, to 2,573.7. The Nasdaq Composite fell 126.95 points, or 1.83 per cent, to 6,814.33.
The Toronto TSX/S&P Composite Index fell to its lowest level in almost two months Wednesday, as China retaliated to U.S. tariffs. The TSX/S&P dropped 174.82 points, or 1.15 per cent, to 15,005.94.
