By MarketsFarm
WINNIPEG, April 8 (MarketsFarm) – The Canadian dollar was slightly lower on Wednesday morning, dragged down by a lower tone for Canadian crude oil. Western Canadian Select is currently at US$3.92 per barrel.
At 8:40 CST Wednesday morning the Canadian dollar was at US$0.7125 or C$1.4035 which compares with Monday’s North American close of US$0.7150 or C$1.3986.
Global financial markets are expecting infection rates of COVID-19 to slow, but data may disagree. In New York on Tuesday, deaths caused by the virus rose by the largest amount since the outbreak began. Similarly, France’s health minister has warned that the country’s outbreak has not peaked yet.
The TSX was up by 71.93 points at 8:40 CST to trade at 13,693.60 points.
Crude oil prices were higher. The Organization of Petroleum Exporting Countries (OPEC) and its allies are expected to meet tomorrow to discuss production cuts. West Texas Intermediate was up 83 cents at US$24.46 per barrel. Brent Crude was up 32 at US$32.19 per barrel.
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