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The Canadian dollar strengthened against the greenback on Wednesday as calm returned to stock markets after they were spooked one day earlier by fading hope of U.S. stimulus, with the loonie rebounding from an earlier one-week low.

U.S. stock index futures recovered after President Donald Trump’s abrupt call to end stimulus talks sent Wall Street tumbling in the previous session.

Canada sends about 75 per cent of its exports to the United States, including oil. U.S. crude oil futures were down 2.1 per cent at $39.81 a barrel, pressured by dashed stimulus hopes and a larger than expected rise in U.S. crude inventories.

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The Canadian dollar was trading 0.2 per cent higher at 1.3281 to the greenback, or 75.30 U.S. cents. The currency touched its weakest intraday level since Sept. 30 at 1.3340.

Investors may be reluctant to make big bets on the currency ahead of a speech on Thursday by Bank of Canada Governor Tiff Macklem on the evolution of risks during a pandemic, while Canada’s employment report for September is due on Friday.

Canadian government bond yields were higher across a steeper curve on Wednesday, with the 10-year up 4.4 basis points at 0.614 per cent.

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