Canadian dollar edges lower as oil prices slip on coronavirus fears

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Canadian dollar edges lower as oil prices slip on coronavirus fears GlobeBusiness

This translation has been automatically generated and has not been verified for accuracy.The Canadian dollar edged lower against its U.S. counterpart on Thursday, lingering close to the one-month low hit in the previous session, as the coronavirus outbreak weighed on oil prices.

At 9:07 a.m. EST, the Canadian dollar was trading down about 0.02 per cent at 1.3131 to the greenback, or 76.16 U.S. cents.On Wednesday, the loonie came under pressure after the Bank of Canada left its benchmark interest rate on hold at 1.75 per cent as expected but said a future cut was possible should a recent slowdown in domestic growth persist.

The loonie has fallen about 1 per cent since the start of the year after climbing 5 per cent in 2019, when it was the top-performing G10 currency.

 

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