TORONTO -- Canada's dollar took a wild ride in overnight trading in the midst of Donald Trump's U.S. presidential victory, shedding nearly 1.3 cents before stemming some of its losses.

The loonie tanked on global markets, falling as low as 73.89 cents US on Wednesday at around 12 a.m. ET, down 1.27 cents from its close Tuesday.

It later regained some ground, trading at 74.38 cents US, not far off the levels it's been at in the waning weeks of the U.S. presidential election campaign.

While the currency appeared to have shaken off some volatility, traders will be watching how the Toronto stock exchange responds when the opening bell rings at 9:30 a.m. ET.

"Equities are set to open sharply weaker, as investors wake up to the surprising outcome," CIBC economists Royce Mendes and Avery Shenfeld wrote in a commentary for clients.

"It's clear that equity markets dislike some of the uncertainties raised by the prospect of a Trump White House, particularly for multinationals with global supply chains."

The TSX index gained nearly 150 points over two days to close at 14,656.84 on Tuesday, but that was amid expectations of a Hillary Clinton win, and if global markets are any indication, losses could follow.

Markets in Asia and Europe were all lower, and the U.S. index futures were down sharply, though off their overnight lows.

As of 8:30 a.m. ET, Dow futures were down 243.0 points at 18,042.0, S&P futures were down 31.5 points at 2,104.0 and Nasdaq futures declined 95.0 points to 4,707.0.

Crude oil was at US$45.59 a barrel, down two cents from Tuesday, and gold was at US$1,305.60 an ounce, up $27.30.

The rising value of gold -- often considered a safe haven in times of global uncertainty -- may soften the impact on the Toronto Stock Exchange, where many gold companies list their shares.

Similarly, the steady oil prices and Trump's campaign pledge to support the stalled Keystone XL pipeline from Alberta to Texas, bode well for energy stocks in Toronto.

Trump's victory speech also seemed to calm international markets, since it lacked the fiery attacks on Clinton and the condemnation of free trade agreements that has characterized his campaigning.

"I want to tell the world community that while we will always put America's interests first, we will deal fairly with everyone. With everyone. All people and all other nations," Trump said. "We will seek common ground, not hostility. Partnership, not conflict."