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Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, March 15 (MarketsFarm) The Canadian dollar held fairly steady overnight, dipping slightly as oil holds steady due to curbed output.

At 8:45 CDT Friday morning the Canadian dollar was at US$0.7485 or C$1.3360, which compares with Thursday’s North American close of US$0.7504 or C$1.3326.

Crude oil prices continue to improve, increasing nearly 30% since the beginning of 2019. OPEC will meet in Baku, Azerbaijan on March 17-18. Saudi Arabia Energy Minister Khalid Al-Falih urged the union to continue with production cuts. OPEC’s Joint Technical Committee and Joint Ministerial Monitoring Committee will also meet in Vienna in April.

WTI was trading at 57.97 per barrel at 8:45 CDT after hitting 58.61 on Thursday, the highest price since November 2018.

Meanwhile, global stock futures are pointing higher, despite slow progress between the United States and China. The two world leaders have postponed their meeting to sign a deal until at least April.

The TSX fell at 8:45 CDT, down 62.42 points at 16,153.21.

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