Canadian Dollar and Business Outlook: Loonie inches up Wednesday morning

Major global recession looming

By MarketsFarm

WINNIPEG, April 1 (MarketsFarm) – The Canadian dollar was slightly higher Wednesday morning, as Canadian crude oil prices opened with a small gain.

As of 8:52 CDT, the Canadian dollar was at US$0.7063 or C$1.4159, compared to Tuesday’s close of US$0.7049 or C$1.4187.
Western Canadian Select (WCS) was up 44 cents at US$5.52 per barrel.

However, global crude oil prices were steady to lower Wednesday morning, after an attempt by United States President Donald Trump to broker a deal between Saudi Arabia and Russia to end their crude oil price war failed. Saudi Arabia balked, stating it would only resume its production cuts when world’s other top oil producers, including the U.S., to scale back their production.

Brent crude oil dropped US$1.18 at US$25.17 per barrel, while West Texas Intermediate (WTI) was down 15 cents at US$20.33 per barrel.

The TSX/S&P Composite Index opened with a drop of 440.06 points at 12,938.69. There are fears that the economic impact of the COVID-19 pandemic will soon plunge the global economy into a major recession.

Gold was up US$3.99 at US$1,581.17 per ounce.

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