Loonie slumps after G7 summit as Trump launches verbal attack on Trudeau

Could Trudeau/Trump spat could hurt Canada/US relations for years to come?
WATCH: Ian Bremmer, CBS News senior global affairs contributor said in an interview on “CBS This Morning” Monday that Trump made an impulse decision to lash out at Canada and Prime Minister Justin Trudeau, one that could damage relations for years to come.

Major stock indices in North America made gains despite U.S. President Donald Trump’s threat to slap tariffs on Canadian auto makers.

The S&P/TSX composite index gained 60.60 points to 16,263.29.

In New York, the Dow Jones industrial average rose 5.78 points to 25,322.31. The S&P 500 index climbed 2.97 points to 2782.00 and the Nasdaq composite index advanced 14.42 points to 7,659.93.

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The Canadian dollar averaged 76.96 cents US, down 0.19 of a US cent, after Trump continued his attacks on Canada and Prime Minister Justin Trudeau calling him “dishonest” and “weak.”

READ MORE: Rare show of solidarity on Parliament Hill as Trump trade fallout continues

The July crude contract gained 36 cents to US$66.10 per barrel and the July natural gas contract advanced about six cents to roughly US$2.95 per mmBTU.

The August gold contract rose 50 cents to US$1,303.20 an ounce and the July copper contract shed about four cents to roughly US$3.26 a pound.