Two cases of Omicron have been identified in Ontario

Early Monday morning in Asia, Canadian Health Minister Jean-Yves Duclos crossed wires via Reuters while saying, “Two cases of omicron variation of concern have been identified in Ontario.”

The details suggest that the stated cases were found in Ottawa.

FX implications

USD/CAD drops back to 1.2750, retreats from the highest levels in two months flashed on Friday on the news. The reason could be linked to the oil traders catching a breather following the 13% slump amid OPEC’s delaying of the meet to  Wednesday and Thursday (1 and 2 December). 

Read: USD/CAD Weekly Forecast: COVID strikes again