Oil prices rose on Friday, on track for their first weekly gain since early January as investors bet the economic impact of the coronavirus would be short-lived and hoped for further Chinese central bank stimulus to tackle any slowdown. U.S. West Texas Intermediate (WTI) CLc1 rose 66 cents, or 1.3%, to $52.08 a barrel. It was set for a weekly gain of 3.5%.
The coronavirus although officially deemed to be closely monitored still has global CEOs worried. Conventions, such as the Mobile World Congress have been cancelled, major sporting events in Asia are cancelled and now any type of corporate travel is being reevaluated to see if it is totally necessary. This is staring to have an impact on business in Asia, however North American equities have basically ignored this, believing that this is just a short term hiccup, we will see.
Expect a narrow range on the USDCAD.