By MarketsFarm
WINNIPEG, Sept. 21 (MarketsFarm) – The Canadian dollar was slightly firmer Tuesday morning, seeing a modest recovery after Monday’s declines as investors reacted to the outcome of the federal election.
At 8:55 a.m. CDT Tuesday morning, the Canadian dollar was at US$0.7817 or US$1=C$1.2793 which compares with Monday’s North American close of US$0.7795 or US$1=C$1.2828.
Prime Minister Justin Trudeau’s Liberals held onto their minority government, with only small adjustments in the overall seat counts. Trudeau had called the election two years early in the hopes of turning the Liberal minority into a majority, but will now need to keep working with the other parties to pass legislation.
Gains in crude oil and outside equities, as the world financial markets show some recovery after Monday’s selloff, provided some underlying support for the Canadian dollar.
West Texas Intermediate crude oil was up 0.7 per cent at US$70.63 per barrel.
The TSX was stronger, up 162.25 points at 8:55 CDT, trading at 20,316.79 points.
