Loonie shrugs off oil prices, edges higher

The Canadian dollar rose on Monday, despite the falling oil prices, to shake off its tight correlation with crude prices.

The coronavirus pandemic continued to impact global markets, as oil prices slumped today, on fears over slowing demand.

Coronavirus infections all over the world is currently near surpassing 3 million cases, and thousands of victims die from the disease on daily basis.

While many major countries revealed upcoming measures to ease the public lockdown and gradually reopen their economies, chief among those is the US.

To the oil market, West Texas Intermediate crude lost 27.1% to $12.3 a barrel as of 15:36 GMT, after it hit an intraday high of $16.9 and a low of $11.8.

Brent fell 10.4% to $19.2 a barrel, with a high of $21.9 and a low of $19.1.

As of 15:53 ​​GMT, CAD/USD rose by 0.3% to 0.7119, after the pair hit a high of 0.7128 and a low of 0.7079.