MID-DAY: Loonie falls on Trump Tweet tirade; Cannabis stocks boost TSX
The Canadian dollar taking a hit on trade concerns.
Experts say a pending trade war between Canada and the US is not only causing concern for the trade industry, but could lead the Bank of Canada to keep the interest rate the same in July. The Loonie is dropping to 76.93 cents US.
But, investor sentiment is not put off as both the TSX and Dow opened higher this morning. On Bay Street the TSX is up 55 points to 16,257. This is, in part, thanks to cannabis stocks as the forward movement on legalization is boosting shares of producers in Canada, with Aurora leading the charge.
Across the border the Dow is up slightly to 25,319 ahead of a Federal Reserve meeting on Wednesday to discuss the current interest rate. Analysts say it’s likely there will be a rate hike coming.
Oil is continuing to slide as production ramps up in the US and Russia. The US price of crude is down to 65.70 a barrel.