Canadian dollar and business outlook

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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