Canadian dollar climbs to one-week high as virus fears ebb

This translation has been automatically generated and has not been verified for accuracy.The Canadian dollar strengthened to a one-week high against its U.S. counterpart on Wednesday as reduced concern about the economic impact of the coronavirus outbreak boosted stocks and the price of oil, one of Canada’s major exports.

“The move reflects a pick-up in risk appetite in global markets as concerns about the impact of the coronavirus outbreak recede,” analysts at Action Economics said in a note. “A reported dip in new coronavirus cases in China has been tonic for investors.”Global stock markets and oil prices climbed as China reported its lowest daily number of new coronavirus cases since late January.

Canadian National Railway Co , the country’s biggest rail road, said on Tuesday it would be forced to shut parts of its network unless rail line blockades in protest against a natural gas pipeline in British Columbia are removed. The railway transports more than $250 billion worth of goods annually.

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