Canadian dollar slips amid risk-off sentiment

The Canadian dollar edged lower on Monday, amid investors' risk-aversion due to rising coronavirus infections.

After the emergence of the new Covid-19 strain, the virus may spread at a faster rate despite several vaccination campaigns.

Johns Hopkins University reported that the number of Covid-19 infections rose to more than 100 million cases worldwide, while some governments rely on vaccination to finally eliminate the pandemic.

The Canadian dollar was lifted last week by the Bank of Canada's hints of the possibility of reducing quantitative easing and cutting the asset purchases program if the economy improves.

As of 17:42 GMT, CAD/USD fell 0.1% to 0.7849, after hitting a high of 0.7883 and a low of 0.7826.