4/25/2017, 1:03 PM (Source: TeleTrader)
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US plan to tax lumber derails Canadian dollar

Canada's currency continued its fifth slide in six consecutive sessions on Tuesday, as the impact from the drop in prices of oil, its most important export item, was exacerbated by the announcement "countervailing duties" for its lumber will be rolled out in the United States.

Wilbur Ross, secretary of commerce in President Donald Trump's administration, yesterday told the Financial Times new tariffs are will target five producers. The levies of between 3% and 24% for softwood are planned to be introduced retroactively by three months as the North American Free Trade Agreement (NAFTA) enables unfair subsidies for the commodity in Canada, he stressed. 

The US dollar rose 0.49% against its Canadian namesake, also known as the loonie, to 1.3569, after climbing to $1.3574, the strongest point since the end of December. The pound jumped 0.69% to C$1.7393, compared to today's record high since September 16 of $1.7433. The euro added 0.61% to change hands for $1.4761, after rallying to C$1.478, last seen on November 9.

Baha Breaking News (BBN) / IT