Global equities have turned upward on hopes that the Covid-19 may have peaked within China, outside China, things are getting worse. South Korea reported 169 new cases, now totaling 1,146 cases, Italy’s numbers tripled over the last two days to 374 cases, and in Iran no one knows exactly as it is perceived that the government is withholding the actual numbers.
The Canadian dollar is weaker due to lower oil prices, West Texas Intermediate has fallen below the all important $50 USD a barrel, Chinese demand for jet fuel has plummeted while flights in and out of South East Asia has fallen as well. Now that Iran and Italy have reported significant numbers, people are starting to cancel their European holidays no matter where they are going. There are basically little or no flights going in or out of Iran, adding to the lessening demand. Expect the Canadian dollar to trade on the weaker side.