# The Canadian Dollar Is Unprepared for Coronavirus Impact on Bank of Canada Outlook

> The Canadian dollar weakened against safe-haven currencies as coronavirus fears spread, with the virus now reported in at least 17 locations outside mainland China. Traders are awaiting the Federal Reserve decision and assessing its effect on the Bank of Canada outlook.

- Date: 2020-01-29 · published 2020-01-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/55307-the-canadian-dollar-is-unprepared-for-coronavirus-impact-on-bank-of-canada
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Risk-off flows and weaker growth expectations pressure commodity-linked currencies and energy demand, adding downside risk to commodity prices.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-04-05 | [Canadian dollar pulls back from 5-month high on hawkish Fed outlook](https://feedsoft.ai/events/42112-canadian-dollar-pulls-back-from-5-month-high-on-hawkish-fed-outlook.md) | -8.8% | -0.8% |
| WTI | 2020-12-21 | [Canadian dollar falls by most since October as new virus strain clouds outlook - The Globe and Mail](https://feedsoft.ai/events/49869-canadian-dollar-falls-by-most-since-october-as-new-virus-strain-clouds-outlook.md) | -3.1% | +8.4% |
| WTI | 2021-03-18 | [Oil hits skids, drops 7% on worsening outlook for coronavirus in Europe](https://feedsoft.ai/events/6198-oil-hits-skids-drops-7-on-worsening-outlook-for-coronavirus-in-europe.md) | -5.3% | -1.8% |
| 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 | 2022-03-31 | [Canadian dollar shrugs off the oil drop](https://feedsoft.ai/events/42501-canadian-dollar-shrugs-off-the-oil-drop.md) | -10.6% | -2.2% |

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/cad/12713-canadian-dollar-unprepared-for-coronavirus-impact-on-boc-outlook

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