Loonie stabilizes as oil continues to fall

Canadian dollar steadied against greenback during today's trading, as pressure continued on oil prices, which is one of the main sources of revenues of the Canadian budget.

Concerns over the trade war eased today after US President Donald Trump said a trade deal could be reached with China to resolve the Huawei crisis.

Government data showed that corporate profits in Canada fell by 0.3% in the first quarter after falling 3.9% in the previous reading.

In the oil market, by 15:01 GMT, West Texas fell by 0.5% to $57.6 a barrel, hitting a high of $58.9 and a low of $57.5.

Brent fell 0.4% to $67.4 a barrel, with a high of $68.9 and a low of $67.3.

As of 15:18 GMT, Canadian dollar steadied against its US counterpart at 0.7426, reaching a high of 0.7444 and a low of 0.7412.