This translation has been automatically generated and has not been verified for accuracy.The Canadian dollar weakened against its U.S. counterpart on Friday as global stock markets fell for a second straight day and ahead of a joint news conference that is expected to announce the Bank of Canada’s new governor.
Canada runs a current account deficit and is a major exporter of commodities, including oil, so the domestic economy tends to be dependent on the global flow of trade and capital.U.S. crude oil futures were up 6.2 per cent at $20.00 a barrel as OPEC and its allies began a record output cut to tackle a supply glut weighing on the market due to the coronavirus crisis.
Canadian Finance Minister Bill Morneau and Bank of Canada Governor Stephen Poloz will hold a press conference at 9:30 a.m., where they will make “an important announcement,” the finance ministry said in a statement.