USD/CAD retreats from one-week high, still well bid around 1.3430-35 region – by hareshmenghani USDCAD China Coronavirus Fed Currencies
Bearish oil prices undermine the Loonie and act as a tailwind amid modest USD strength.USD/CAD
Investors remain worried that the worsening COVID-19 situation in China will dent fuel demand in the world's top crude importer. This, in turn, drags crudeprices to a fresh YTD low and undermines the commodity-linked Loonie. Apart from this, a modest US Dollar strength - bolstered by the cautious mood - offers some support to the USD/CAD pair.
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