A rekindled softwood lumber trade dispute with the United States pushed the Canadian dollar to its lowest level in 14 months on Tuesday.

The loonie lost 0.29 of a U.S. cent to close at US73.72¢, after U.S. President Donald Trump imposed tariffs averaging at 20% against Canadian softwood exports.

The last time the loonie closed below that level was Feb. 24, 2016, when it finished the day at 73.06 cents US.

Craig Jerusalim, a portfolio manager of Canadian equities with CIBC Asset Management, said the trade dispute wasn’t the only reason why the loonie closed lower Tuesday.

“With oil being below $50 and gold being pressured, there’s a whole host of reasons why the Canadian dollar has lagged,” Jerusalim said.

He added that other protectionist measures — such as the renegotiation of NAFTA and a possible tax on Canadian dairy products — are also weighing on the loonie.

Meanwhile, the S&P/TSX composite index added 32.73 points to 15,745.19, led by the base metals sector, which added 2.23%, while gold stocks retreated 4.13%.

In New York, markets continued Monday’s relief rally following the first round of France’s presidential election.

Investors are breathing a sigh of relief now that pro-business and pro-European Union candidate Emmanuel Macron has emerged as the leading contender in a run-off election that will take place in two weeks.

The Dow Jones industrial average gained 232.23 points to 20,996.12, the S&P 500 index rose 14.46 points to 2,388.61, and the Nasdaq composite index climbed 41.67 points to a new record of 6,025.49.

In commodities, the June crude oil contract rose US33¢ at US$49.56 per barrel and the June natural gas contract rose half a cent at US$3.17 per mmBTU.

The June gold contract was down US$10.30 at US$1,267.20 an ounce and the May copper contract was up US3$ at US$2.58 a pound.