# Coronavirus could propel Bank of Canada to trim rates sooner than during SARS crisis - The Globe and Mail

> Scotiabank says the Bank of Canada could cut rates sooner than it did during SARS if the coronavirus hits the economy. Bank of Nova Scotia also noted that Air Canada suspended direct flights to China.

- Date: 2020-01-29 · published 2020-01-29T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/55305-coronavirus-could-propel-bank-of-canada-to-trim-rates-sooner-than-during-sars
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Possible earlier rate cuts would weaken the Canadian dollar, while virus-related travel and demand disruption adds downside risk to oil and trade.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2024-03-26 | [Canadian dollar steadies as Bank of Canada frets about productivity shortfall - The Globe and Mail](https://feedsoft.ai/events/31435-canadian-dollar-steadies-as-bank-of-canada-frets-about-productivity-shortfall.md) | +4.2% | +2.0% |
| WTI | 2023-04-17 | [Canadian dollar slips, pressured by Fed rate hike bets - The Globe and Mail](https://feedsoft.ai/events/36641-canadian-dollar-slips-pressured-by-fed-rate-hike-bets-the-globe-and-mail.md) | -5.7% | -15.2% |
| WTI | 2023-01-30 | [Risk aversion weighs on Canadian dollar ahead of Fed rate decision - The Globe and Mail](https://feedsoft.ai/events/38035-risk-aversion-weighs-on-canadian-dollar-ahead-of-fed-rate-decision-the-globe.md) | -7.9% | -5.2% |
| WTI | 2020-06-11 | [Oil drops more than 8% as fears over second wave of coronavirus cases hit the market](https://feedsoft.ai/events/52783-oil-drops-more-than-8-as-fears-over-second-wave-of-coronavirus-cases-hit-the.md) | -4.1% | +0.2% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/business/briefing/article-coronavirus-could-propel-bank-of-canada-to-trim-rates-sooner-than/

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