Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, April 6 (MarketsFarm) – The Canadian dollar was steady on Monday morning, despite a lower tone for global crude oil values.

     At 8:30 CST Monday morning the Canadian dollar was at US$0.7072 or C$1.4140 which compares with Friday’s North American close of US$0.7071 or C$1.4142.

Nations all over the world are rolling out aid packages to buoy economies during the COVID-19 pandemic. Japan’s government is expected to announce a US$1 trillion economic package by Tuesday. Today is the first day Canadians can apply to the Canadian Emergency Response Benefit (CERB), and in the United States there is US$25 billion in federal grants available to airlines, among other programs.

The TSX was up by 401 points at 8:40 CST to trade at 13,339.46 points.

Crude oil was lower, following news that the Organization of Petroleum Exporting Countries (OPEC) and Russia postponed a meeting to discuss supply cuts. The meeting was supposed to happen today, but it has been rescheduled to April 9, according to reports. West Texas Intermediate down US$1.29 at US$27.05 per barrel. Brent Crude was down 92 cent at US$33.19 per barrel.

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