Loonie sheds more than 1% amid massive losses in global markets

The Canadian dollar fell against most major currencies today, amid a large-scale selloff and heavy losses in risky markets such as stocks, oil, and commodity currencies.

Asian, European and US stock markets slumped today, weighed down by the oil prices crash, and fears over the coronavirus outbreak.

The IMF Director, Kristalina Georgieva, urged countries to intensify efforts contain the deadly virus, and to address its impact on the global economy.

As for the oil market, West Texas crude lost 21% to $32.6 per barrel as of 17:41, after earlier it hit a day high of $34.8 and a low of $27.3.

Brent shed 21% to $35.7 a barrel, with today's high at $38.3 and the low at $31.02.

As of 18:02 GMT, CAD/USD lost 1.4% to 0.7351, after the pair hit a high of 0.7447 and a low of 0.7268.