Canada FM Morneau: Goal to balance budget by 2019/20
Speaks in Toronto
Canada's FM Morneau is speaking in Toronto. Some comments:
- growth to be hurt by resource-industry challenges
- expects 3 billion deficit in 2015-16
- Canada will manage spending prudently
- says environment to be at the heart of resource sector
- says Europe, China economies are cause for concern
Nothing earth shattering from these comments.
The USDCAD has had an up and down today. The pair moved higher earlier in the day on lower energy prices. Later oil rebounded from below $35 (low reached 34.53), and rallied up to $36.70. It is currently at $36.44 up 2.33%. The USDCAD fell in response to the rise, but the pair has since rebounded despite the rally. It is divorcing itself from the oil volatility - at least at the moment.