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Markets

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

The Canadian dollar was trading 0.2pc higher at 1.3263 to the greenback, or 75.40 U.S. cents. The currency tou
12 Feb 2020
  • The Canadian dollar was trading 0.2pc higher at 1.3263 to the greenback, or 75.40 U.S. cents.
  • The currency touched its strongest intraday level since Feb. 5 at 1.3264.
  • The news stoked investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic.

TORONTO: 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.

At 7:44 a.m. (1244 GMT), the Canadian dollar was trading 0.2pc higher at 1.3263 to the greenback, or 75.40 U.S. cents.

The currency touched its strongest intraday level since Feb. 5 at 1.3264.

"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.

The news stoked investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic.

U.S. crude oil futures were up 1.7pc at $50.77 a barrel.

On Monday, the loonie hit a four-month low at 1.3330. The currency has been pressured since the beginning of the year by lower commodity prices and a more dovish stance from the Bank of Canada.

Bank of Canada Governor Stephen Poloz is due to participate in a panel discussion on Thursday in Melbourne, Australia, which could offer clues on the outlook for interest rates.

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 C$250 billion worth of goods annually.

Canadian government bond yields rose across a steeper yield curve in sympathy with U.S. Treasuries on Wednesday.

The 10-year yield was up 1.7 basis points at 1.376pc, having touched its highest intraday level since Feb. 6 at 1.395pc.