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Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, April 7 (MarketsFarm) – The Canadian dollar was higher on Tuesday morning, boosted by stronger performances for global financial indices.

     At 8:40 CST Tuesday morning the Canadian dollar was at US$0.7148 or C$1.3988 which compares with Monday’s North American close of US$0.7079 or C$1.4127.

Global financial markets are anticipating that infection rates of COVID-19 may be slowing, reducing its impact on several major economies in Europe and the United States. That sparked some optimism in the financial sector.

The TSX was up by 371 points at 8:40 CST to trade at 13,964.49 points.

Crude oil prices were higher. The Organization of Petroleum Exporting Countries (OPEC) and its allies are expected to meet later this week to discuss production cuts. Saudi Arabia and Russia are likely to agree to cut production only if the U.S. and other major oil-producing countries follow suit, in order to support prices pummelled by lack of demand. West Texas Intermediate was up 17 cents at US$26.25 per barrel. Brent Crude was up 77 at US$33.82 per barrel.


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