The Canadian dollar is lower by 0.4% this morning after a wild ride on Monday which saw the Loonie trade even lower before recovering some ground late in the day. The volatility was due to concerns around the new coronavirus strain in Britain which sent jitters through the currency markets in what is usually a quiet week before the holidays. The US dollar is now the strongest it has been against its Canadian counterpart since the beginning of December. The moves in the last couple of days have largely been drive by broad US dollar strength (as opposed to something specific to the Canadian dollar) but adding to the woes for the Loonie in the last several days has been notable weakness in oil prices which are now down around 4% since their peaks in mid December. It should also be noted that the Canadian dollar is now at its lowest levels against the euro since August of this year, having lost nearly 2% in the last few trading sessions.
