The Canadian dollar made some gains against the US dollar in the previous session as WTI crude oil prices made some gains, and is trading somewhat steady into Wednesday. At the time of writing, USD/CAD is trading at around 1.316.

There was an easing of concerns among global financial markets about the coronavirus outbreak and its impact on economic growth, helping reduce the risk sentiment and supporting oil prices which had been declining for five consecutive sessions. The Canadian dollar, in turn, gained on the back of strengthening oil prices as Canada is a key exporter of crude oil.

After gaining around 5% in 2019, the Canadian dollar has had a weak start to this year, losing as much as 1.3% so far since the beginning of this month. Later this week, the Loonie could see some moves on the release of the Canadian GDP data.