By MarketsFarm
WINNIPEG, April 29 (MarketsFarm) – The Canadian dollar was higher on Wednesday morning, due to comparable weakness in the United States dollar following poor economic data.
At 8:40 CDT Thursday morning the Canadian dollar was at US$0.7181 or C$1.3926, which compares with Tuesday’s North American close of US$0.7154 or C$1.3978.
Reports show the record-long expansion of the U.S. economy is over, and the deepest recession in almost 80 years is soon to follow. The U.S. economy shrank at a 4.8 per cent annualized rate in the first quarter of 2020, due largely to the steep drop in consumer spending and business investments due to the COVID-19 pandemic.
Benchmark crude oil indices were broadly higher, bouncing back somewhat after considerable losses. WTI was up by US$3.35 at US$15.69 per barrel. Brent Crude was up US$2.35 at US$22.81 per barrel.
The TSX was up by 211.16 points at 8:40 CDT to trade at 15,016.35 points.
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