By MarketsFarm
WINNIPEG, April 14 (MarketsFarm) – The Canadian dollar was slightly firmer Tuesday morning, as gains in many world equity markets countered losses in crude oil.
At 8:56 CDT Tuesday morning the Canadian dollar was at US$0.7199 or C$1.3891 which compares with Monday’s North American close of US$0.7176 or C$1.3936.
Better-than-expected Chinese economic data accounted for some of the increased demand for riskier assets, as COVID-19 restrictions start to be lifted in the country.
However, the broader concerns remain, with the International Monetary Fund predicting a three per cent contraction in the global economy in 2020. The IMF sees Canada’s economy shrinking by 6.2 per cent.
The Bank of Canada is set to make its latest interest rate announcement on Wednesday.
The TSX was up by 338.72 points at 8:56 CDT to trade at 14,414.66 points.
