The Canadian dollar is tumbling

The Canadian dollar is weaker after reports the US is planning a move that may escalate a long-running trade dispute with Canada.

The currency is down by 0.5% at 1.3565 per US dollar as of 7:52 a.m. ET.

US Commerce Secretary Wilbur Ross said on Monday that his department will slap new anti-subsidy duties on Canadian softwood lumber imports.

Ross told Reuters that the duties, averaging 20%, would affect $US5 billion worth of softwood lumber imports from Canada.

As for the rest of the world, here’s the scoreboard as of 7:56 a.m. ET:

  • The US dollar index is little changed at 99.05 ahead of a slew of data. Case-Shiller home prices will be out at 9 a.m. ET and new-home sales and confidence are due out at 10 a.m. ET.
  • The euro is up by 0.2% at 1.0886 against the dollar, holding on to the bulk of its gains after the first round of the French election. The single currency gained about 2% as markets opened Sunday following the results, and it finished Monday’s session with a gain of 1.3%.
  • The Russian ruble is down by 0.4% at 56.0405 per dollar, while Brent crude oil, the international benchmark, is little changed at $US49.25 per barrel.
  • The Japanese yen is down by 0.7% at 110.53 per dollar.
  • The British pound is up by 0.2% at 1.2824 against the dollar.

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