Fears of a COVID-19 Second Wave Hold Loonie in Place

Source: MarketsFarm, Producer.com, May 13, 2020

Thanks to the production cuts announced by Saudi Arabia on Monday, benchmark crude oil prices were steady to higher on Tuesday.

WINNIPEG, (MarketsFarm) – The Canadian dollar steady on Tuesday, bolstered by moderate gains in North American crude oil prices. However, fears of a second wave of cases in the COVID-19 pandemic weighed on values.

The dollar finished the day at US$0.7135 or US$1=C$1.4015, compared to Monday when it closed at US$0.7137 or US$1=C$1.4012.

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