Loonie falls as global coronavirus fears mount

The Canadian dollar fell on Monday, in tandem with massive losses in most global financial markets, as the state of panic around the coronavirus pandemic continues to escalate.

The World Health Organization revealed that the coronavirus has infected more than 350,000 cases, and its death toll has increased to more than 15,000 victims worldwide.

The Canadian was also weighed down by the massive losses in the oil market, as WTI crude lost 0.3% to $22.5 a barrel as of 16:49 GMT, with a day high of $23.6 and a low of $20.8.

Brent lost 3.57% to $25.9 a barrel, with a high of $26.7 and a low of $24.6.

Meanwhile, investors are eyeing the US Senate vote on the huge stimulus aid package that is aimed at easing the economic impact of the virus outbreak.

As of 17:05 GMT, CAD/USD dipped 1.1% to trade at 0.6881, after the pair hit an intraday high of 0.6976 and a low of 0.6869.