Oil prices plunged below zero on Tuesday, April 21, and it quickly impacted both Canada’s main stock market index and the Canadian dollar. In fact, the Toronto Stock Exchange’s S&P/TSX composite index closed the day down 3.1% at 13,940.06, which is one of its biggest setbacks since the index rebounded nearly 30% from its March low. Furthermore, the loonie reached a near three-week low against the U.S. dollar as another result of crashing oil prices.
To learn more about the impact of this oil crash and its effect on investors already nervous about COVID-19’s economic damage, Reuters recently spoke with Sightline Wealth Management Senior Vice President and Investment Advisor Paul de Sousa.
“The future is still undefined, not clear and I think there is now a lot of money coming off the table, especially now with that great rebound and what is happening with oil,” de Sousa told the publication.
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