By MarketsFarm
WINNIPEG, March 17 (MarketsFarm) The Canadian dollar was weaker Tuesday morning, hitting fresh four-year lows amid ongoing concerns over the COVID-19 outbreak.
At 9:11 CDT Tuesday morning the Canadian dollar was at US$0.7075 or C$1.4134 which compares with Monday’s North American close of US$0.7161 or C$1.3964.
Soft domestic economic data contributed to the weaker tone in the Canadian dollar, with expectations that the Bank of Canada may need to cut interest rates even further than they already have.
Statistics Canada reported that manufacturing sales were down by 0.2 per cent in January, hitting C$56.1 billion. That marked the fifth consecutive monthly decline.
The TSX was steady in early trade, up by 4.99 points at 9:11 CDT to trade at 12,365.39 points.
Crude oil slightly lower, with West Texas Intermediate down US$0.28 at US$28.42 per barrel.
