Canadian finance minister Morneau on the wires, speaking to the press in Toronto
- We're paying close attention to the state of C$
- There are opportunities with lower c$, also challenges; it's not something that's in our control
- Vows to invest significantly in the Canadian economy
- Declines to repeat the C$10bn cap on the deficit, but does reiterate the target of a balanced budget in 2019-20
Morneau has pretty consistently moved away from promises of surpluses and towards laying the groundwork for fiscal stimulus. With the state of the oil market and the importance of it to Canada its hardly surprising the government is leaning this way.
USD/CAD is barely off its overnight high as the CAD weakens.
