By MarketsFarm
WINNIPEG, March 18 (MarketsFarm) The Canadian dollar was weaker on Wednesday, dropping below 70 U.S. cents for the first time in several years.
At 8:20 CST Wednesday morning the Canadian dollar was at US$0.6948 or C$1.4392 which compares with Tuesday’s North American close of US$0.7055 or C$1.4175.
Canada and the United States are working to close the border to non-essential travel in order to quell the spread of the COVID-19 coronavirus. Commercial traffic and trade will likely still be allowed in order to reduce the economic impact. The Canadian government is also expected to announce an economic aid package totalling C$30 billion today.
The TSX was down by 535.78 points at 8:40 CST to trade at 12,149.43 points.
Saudi Arabia has vowed to keep oil production at a record high in coming months, which kept oil prices under considerable pressure. West Texas Intermediate was down US$3.29 at US$23.66 per barrel, and Brent crude was lower by US$1.65 at US$27.08.
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