WINNIPEG, Feb. 4 (MarketsFarm) – The Canadian dollar was firm on Tuesday, supported by steadying crude oil values.
At 8:30 CST, the Canadian dollar was at US$0.7530 or C$1.3280, which compares with Monday’s North American close of US$0.7533 or C$1.3275.
China’s coronavirus outbreak has reached over 20,000 confirmed cases, quarantining cities and shuttering factories. The country’s oil demand has fallen by 20 per cent. The Organization of Petroleum Exporting Countries and its allies (OPEC+) met for an urgent meeting regarding how best to respond to the sudden drop in demand.
Brent Crude was up by 33 cents at US$54.78 per barrel, and West Texas Intermediate (WTI) was up by 59 cents at US$50.70 per barrel.
The TSX was higher at 8:45 CST, up by 140.45 points at 17,524.55. The S&P 500 Index was up 36.73 points to hit 3,287.40. The Dow Jones gained 391.61 points at 28,790.48. The NASDAQ also increased, up 108.58 to hit 9,382.14.
