The OPEC meeting has ended without an agreement between Russia – that preferred waiting longer – and Saudi Arabia that pushed for imminent production cuts. Prices of the black gold are collapsing amid fears of lower demand due to the coronavirus outbreak. 

Flights are being canceled and many people are working from home, thus consuming less petrol. 

Oil prices have collapsed with oil falling below $42.50, to the lowest since mid-2017. They broke below the December 2018 trough earlier in the day. 

USD/CAD is rising above 1.3430. The loonie is unable to bank on Canada’s upbeat jobs report.