Loonie at 70.00 U.S. cents
strengthened against its U.S. counterpart on Tuesday as oil prices rose and investors grew skeptical that the U.S. will follow through with some proposed tariffs on trading partners.
U.S. President Donald Trump signed proclamations late on Monday imposing tariffs on steel and aluminum imports, much of which come from Canada, but the measures do not go into effect until March 12. Last Tuesday, Trump suspended his threat of steep tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighbouring countries.
U.S. crude oil futures settled 1.4% higher at $73.32 a barrel, while the U.S. dollar fell against a basket of major currencies. U.S. Federal Reserve Chair Jerome Powell deferred on questions about tariffs in an appearance before Congress.
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