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Forex News: Canadian Dollar Falls As Oil Prices Plunge On

Canadian Dollar Falls As Oil Prices Plunge On Heightened Virus Fears

02/24/2020 - 08:29:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major trading partners in the European session on Monday, as oil prices tumbled on surging coronavirus infections in Italy and South Korea, triggering concerns about a global pandemic.

Crude for April delivery fell $1.97 to $51.37 per barrel.

While the number of infections rose in Italy and South Korea; Afghanistan, Bahrain and Kuwait confirmed their first cases.

The Chinese government has decided to postpone the annual meeting of parliament that was scheduled to start on March 5.

More than 160 cases were reported in South Korea and Italian cases soared above 150.

Oil prices tumbled on fears that diminished economic activity will curb demand for energy.

The loonie declined to near a 2-week low of 1.3308 against the greenback, from last week's closing value of 1.3221. Versus the euro, the loonie was down at 1.4402, its lowest since February 13. Should the loonie falls further, it may find support around 1.35 against the greenback and 1.47 against the euro.

The CAD/JPY pair fell to 83.62, marking a 5-day low. The loonie is seen finding support around the 82.00 region.

The loonie dropped to a 4-day low of 0.8778 against the aussie, after rising to 0.8725 in the previous session, its strongest since June 2010. Immediate support is seen around the 0.86 level.

At 8:30 am ET, Canada wholesale sales for December are scheduled for release.

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