Loonie falls as pressure returns on oil prices
Economies.com
2020-04-24 15:56PM UTC
The Canadian dollar fell against most currencies today, as pressures returned on oil prices, which weighs down on commodity-currencies, such as the Canadian dollar.
Oil was lifted by expectations about a drop in global supply after the OPEC-Plus production cut agreement of 9.7 million bpd enter into force starting next May for 2 months.
As of 15:39 GMT, WTI crude June futures added 4% to $17.1 a barrel, with a high of $17.9 and a low of $15.6.
Brent rose 1.4% to $21.6 a barrel, after a high of $22.7 and a low of $20.5.
CAD/USD fell 0.2% to 0.7093 as of 15:55 GMT, after hitting earlier a high of 0.7134 and a low of 0.708.
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