By MarketsFarm
WINNIPEG, April 15 (MarketsFarm) – The Canadian dollar was sharply weaker Wednesday morning, as the currency reacted to disappointing economic data.
At 9:18 CDT Wednesday morning the Canadian dollar was at US$0.7097 or C$1.4090 which compares with Tuesday’s North American close of US$0.7192 or C$1.3904.
Statistics Canada released a flash economic update, reporting that the country’s economy declined by a record 9 per cent in March amid the COVID-19 pandemic.
The Bank of Canada left its key overnight interest rate unchanged at 0.25 per cent in its latest policy announcement Wednesday morning. The Bank warned that the economy could shrink by as much as 30 per cent in the second quarter and also announced a new provincial bond purchasing program of up to C$50 billion.
The TSX was down by 254.50 points at 9:18 CDT to trade at 14,003.93 points.
