USD/CAD touches a session high of 1.3285 on the day
The loonie is suffering from a bit of a double-whammy to start the week as the softer risk mood is not only working against it, but weaker oil prices is also compounding woes for the currency with oil down by nearly 3% on the day now.
As coronavirus fears heighten, the worry for the oil market is that demand outside of China will also see further weakening and that is weighing on prices today.
Brent and WTI are down by nearly 3% to $56.76 an $51.82 currently.
In turn, this is pushing USD/CAD to its highest level since 12 February at 1.3285. Buyers have regained near-term control after leaning on support from the 200-day MA (blue line) and the 1.3200 level for a solid bounce, aiming towards 1.3300 next.
Further resistance is then seen at 1.3329 and then at 1.3345 and 1.3383.
