By MarketsFarm
WINNIPEG, May 5 (MarketsFarm) – The Canadian dollar was stronger Tuesday morning, as gains in crude oil provided some support for the energy-linked currency.
At 9:16 CDT Tuesday morning the Canadian dollar was at US$0.7128 or C$1.4029 which compares with Monday’s North American close of US$0.7100 or C$1.4085.
Oil was up sharply in early activity amid ideas that easing pandemic restrictions in a number of countries around the world would lead to an increased demand for fuel.
In domestic data, Canada’s trade deficit widened to C$1.4 billion in March from C$0.9 billion the previous month with both exports and imports down. Average market expectations had been for an even larger C$2.0 billion deficit, and the slightly better-than-expected reading was supportive for the currency. However, a wider deficit is expected for April.
The TSX was up by 154.20 points at 9:16 CDT to trade at 14,899.24 points.
