# Canadian dollar slides to two-month low as China virus hits oil demand - The Globe and Mail

> The Canadian dollar fell to a two-month low as coronavirus-driven fuel demand cuts hit oil. Sinopec reportedly told refineries to cut throughput by about 600,000 barrels a day, or 12%. U.S. crude fell 2.9% to $50.06 a barrel.

- Date: 2020-02-03 · published 2020-02-03T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/54810-canadian-dollar-slides-to-two-month-low-as-china-virus-hits-oil-demand-the
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Lower Chinese crude imports weigh on oil prices and the loonie, and they add to the broader commodity sell-off. This is a demand shock that could also affect energy-linked feed costs.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-11-05 | [Canadian dollar climbs to two-month high as greenback slides - The Globe and Mail](https://feedsoft.ai/events/50389-canadian-dollar-climbs-to-two-month-high-as-greenback-slides-the-globe-and-mail.md) | +5.8% | +17.0% |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| WTI | 2026-07-30 | [Canadian dollar rises to six-week high as greenback slides - The Globe and Mail](https://feedsoft.ai/events/18588-canadian-dollar-rises-to-six-week-high-as-greenback-slides-the-globe-and-mail.md) | -10.1% | +2.3% |
| WTI | 2022-12-07 | [Canadian dollar holds near one-month low as Bank of Canada rate hike boost fades - The Globe and Mail](https://feedsoft.ai/events/38459-canadian-dollar-holds-near-one-month-low-as-bank-of-canada-rate-hike-boost.md) | +0.5% | -0.8% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-hits-eight-week-low-as-oil-falls-on-coronavirus/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.