Oil prices go down, Canadian dollar goes up

By MoneyWay | Feb 21, 2020

Global equity markets are turning negative as news of the coronavirus cases have now impacted other parts of the world.  Canada has reported what they called a “sentinel event” with the detection of the covid-19 in a woman who had never travelled to China. The woman instead had recently returned to British Columbia from Iran, which has reported just eighteen cases of the disease. Four of those patients have died.

Investors are now starting to evaluate their options as to where to put their money and North America seems to be the beneficiary. The Canadian dollar is gaining strength to the USD even as oil prices are falling. Investors believe that North America’s economy will be able to withstand any global economic downtown the least.     

There is no clear trend as where markets are going, they are now being driven by the coronavirus more and more. The turning point will be when China announces a significant downward trend on new cases.

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