By MarketsFarm
WINNIPEG, May 8 (MarketsFarm) The Canadian dollar was steady on Wednesday morning, as global stocks and oil futures continue to fall.
At 8:45 CDT Wednesday morning, the Canadian dollar was at US$0.7422 or C$1.3409, which compares with Tuesday’s North American close of US$0.7421 or C$1.3476.
After weeks of record highs, global stock markets are suffering in the wake of United States President Donald Trump’s latest threat about additional tariffs on Chinese imports.
“The two largest economic powerhouses, the U.S. and China, either will be at a trade war or a trade peace and in reality there’s only a couple of people who know the answer to that and it isn’t those of us on Wall Street,” Larry Robbins, Glenview Capital Management’s CEO, told Bloomberg.
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“It’s to be expected that there’s some volatility into this critical week.”
Oil prices have also been battered, and Brent crude futures fell under US$70 per barrel on Wednesday.
“Oil prices had rallied about 40 percent since the beginning of the year but the move higher has for now been put on the back burner,” said Stephen Brennock, an analyst at an oil brokerage company, to Reuters.
The TSX gained at 8:45 CDT, up 32.91 points at 16,390.066.
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