In New York, the Dow Jones industrial average gained 6.24 points to 20,981.33, the S&P 500 index inched forward 1.32 points to 2,388.77, and the Nasdaq composite index rose 23.71 points to a record-high 6,048.94.
“The Canadian dollar has extended its recent weakening trend overnight, with a not-too-surprising move by the U.S. to impose duties on Canadian softwood lumber being part of the backdrop,” Avery Shenfeld, economist at the CIBC World Markets Inc. said ...
The Canadian dollar fell 0.4 percent in early Asian trade on Tuesday after U.S. Commerce Secretary Wilbur Ross said his agency will impose new anti-subsidy duties averaging 20 per cent on Canadian softwood lumber imports.
The Canadian dollar had a negative trading session on Monday. The loonie was pressured downwards as the price of oil retreated and the USD advanced on the hopes President Trump will present a tax reform plan this week.
The Canadian dollar looks likely to test its recent low against the USD, opening the way for further falls. Price action this week had been driven by a slightly weaker oil complex, pushing the Loonie lower, along with ongoing trade wrangles with the US.