Canadian dollar rises despite falling oil prices

The Canadian dollar rose against most major currencies on Monday, despite falling oil prices, as investors turned to risky assets such as stocks and commodity currencies.

Efforts to contain the coronavirus are continuing around the world, amid growing fears due to the record high number of infections and deaths in India and the virus mutation in several Asian country, which threatens its transmission to other countries.

As for the oil market, by 17:41 GMT WTI crude May futures fell 0.6% to $61.7 a barrel, after hitting a high of $62.3 and a low of $60.6.

Brent June futures fell 0.75% to $65.6 a barrel, after hitting a high of $66.2 and a low of $64.5.

As of 15:25 GMT, CAD/USD rose 0.7% to 0.8068, with a high of 0.8076, and a low of 0.8005.