The Canadian currency has been hammered this week amid a steep drop in oil prices, as the U.S. and the European Union announced they would impose additional tariffs on Canadian exports.

The U.K. announced a ban on its exports, while Mexico and South Korea announced they were imposing new tariffs on goods from Canada and Mexico.

The Canadian pound was trading down $1.30 to 87 cents US per US dollar.

The dollar is down $0.15 to 79.50 US per Canadian dollar, with the euro up $1 to $1,165.00.

In London, the S&P/TSX composite index is up 2.1 per cent to 5,073.60.

In Toronto, the TSX is up 5.7 per cent at 12,936.60 and the Toronto Stock Exchange is up 4.1 cent at 3,908.40.

In Montreal, the CSE is up 3.4 per cent.

In Calgary, the index is down 2.6 per cent, to 18,868.60, according to Bloomberg data.

The Dow Jones industrial average is up 27.65 points, or 0.8 per cent; the Nasdaq is up 17.23 points, ORC data shows.

The price of oil has fallen more than $100 per barrel, the biggest drop since the 2008-09 financial crisis.

On Friday, the price of Brent crude, the U and WTI crude benchmark, was $62.25 per barrel.

The US benchmark West Texas Intermediate, which tracks the price at which crude oil can be bought and sold in the US, was down $6.83 at $48.85 per barrel on Thursday.

It was down a third of a cent from a week earlier.