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Reuters reports that the Canadian Finmin Morneau has said that they are still planning on presenting its budget on March 30 even amid coronavirus concerns.  The unusual move to release the federal budget on a Monday — traditionally, it comes on Tuesdays — comes as the government grapples with the spread of coronavirus in Canada. As of March 11, there were more than 100 cases of the new coronavirus in Canada. One person has died. It has already spread to more than 120,000 people around the world and killed more than 4,000 worldwide. 

FX implications

The Canadian dollar is en route towards 1.40 as the US dollar catches a safe-haven bid and commodity-FX take the brunt of the coronavirus fears. WTI prices are also weighing on the loonie. 

  • USD/CAD drops below 1.3800 as USD weakens on QE headlines

 

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