Canadian dollar weakens as bleak prospects for oil output weigh [Toronto Globe and Mail (Ontario, Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Toronto Globe and Mail
Canadian dollar weakens as bleak prospects for oil output weigh The Canadian dollar weakened against its U.S. counterpart on Friday as investors reasoned that the potential for oil production cuts would hurt prospects for the commodity-linked currency, with the loonie adding to its decline for the week. At 3:41 p.m. (1941 GMT), the Canadian dollar was trading 0.1% lower at 1.4088 to the greenback, or 70.98 U.S. cents. The currency, which was down 0.8% for the week, traded in a range of 1.4026 to 1.4120. “Rapidly filling (oil) storage capacity will likely result in further cuts to Canadian production, which should keep CAD upside limited for now,” Ronald Simpson, managing director, global currency analysis at Action Economics, said in a note. U.S. crude oil futures were up about 3.4% at $17.06 a barrel but lost ground for the third straight week as production shutdowns failed to keep pace with sliding demand. On Monday, U.S. oil fell into negative territory for the first time, to minus
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