Loonie slips against US dollar amid coronavirus worries

The Canadian dollar slipped against most majors on Thursday, as investors parse the latest developments in the coronavirus crisis amid fears of a second wave of infections.

The World Health Organization has warned yesterday that the coronavirus has not reached its peak yet, and urged for further measures to contain the pandemic.

The US, China, South Korea alongside several other countries are facing fears of a second wave of the coronavirus, after a recent surge of infections.

The International Monetary Fund lowered its estimates for the global economy further in its June report, due to the coronavirus economic impact. 

The IMF estimated that the global GDP will shrink by 4.9% in 2020, which lower than the previous estimate in April of 3%.

As of 16:44 GMT, CAD/USD fell 0.1% to 0.7327, after the pair hit a high of 0.735 and a low of 0.7315.