USD/GBP Dollar Gains Strength Over GBP With Falling Price of Oil and Stalling UK Economy
  • The USD/CAD pair hits multi-day highs.
  • US dollar haven-appeal in play as long as the pandemic rages on.
  • US data eyed along with COVID-19 numbers.

USD/CAD eased off from the six-day highs, 1.3170, recorded in the Asian session and is trading around 1.3100 during the early-European trading.

The pair is still up around 0.80 Percent for the week, despite the retracement from the highs today.

The 1.5 Percent fall in the WTI crude oil prices dragged the Canadian dollar as the concerns of demand destruction due to the pandemic impacted more than the chances of producers delaying production ramp-up, dragging the black-gold below the 40.50 dollar mark.

Meanwhile, the US dollar clung to its weekly gains against its major competitors as the virus fears and the US stimulus uncertainties attracted haven bids.

Traders will await the US PPI and Consumer Sentiment data along with coronavirus updates in a day without any significant Canadian economic release.

At the time of writing, one US dollar buys 1.3119 Canadian dollars, slightly down -0.13% as of 10:22 AM UTC.