Canadian dollar near flat as calm returns to global markets

The Canadian dollar was little changed against its U.S. counterpart on Tuesday as stocks and oil prices rose, with the loonie steadying after it was pressured in the last three sessions by worries about the economic outlook. Calm returned to global markets as a steadier day for Europe and Asia’s bourses and a tick higher in benchmark bond yields helped ease nerves after a jarring few days dominated by recession worries. The price of oil, one of Canada���s major exports, rose as OPEC supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to an economic slowdown. U.S. crude oil futures were up 2.2 percent at $60.11 a barrel.