The U.S. dollar moved up against its major counterparts in the European session on Wednesday, as continued concerns about the economic impact of the pandemic pushed investors into the safe-haven assets.

The U.S. has at least 2,405 new deaths linked to Covid-19 on Tuesday, the most fatalities in a single-day since the epidemic began. Japan recorded 457 new infections, taking the total number of infections across the country to 8,812.

Confirmed infections of coronavirus have more than tripled to climb above 10,000 in Peru over the past week, the South American country's health ministry reported.

There are over 1.9 million confirmed cases worldwide, with the death toll reaching 126,604 as of Wednesday morning.

Data from the Commerce Department showed a sharp decline in U.S. retail sales in the month of March.

The Commerce Department said retail sales plummeted by 8.7 percent in March after falling by a revised 0.4 percent in February.

Economists had expected retail sales to plunge by 8.0 percent compared to the 0.5 percent drop originally reported for the previous month.

The dollar rose against its most major counterparts in the Asian session amid virus scare.

The greenback appreciated to a 2-day high of 107.86 versus the yen, from a 2-week low of 106.93 seen at 8:15 pm ET. The greenback is likely to face resistance around the 112.00 region, if it gains again.

The greenback firmed to 6-day highs of 1.2437 versus the pound, 1.0857 versus the euro and 0.9701 versus the franc, after falling to 1.2631, 2-week low of 1.0991 and a new 2-week low of 0.9592, respectively. The currency may possibly challenge resistance around 1.23 versus the pound, 1.06 versus the euro and 0.98 versus the franc.

The greenback spiked up to a 6-day high of 0.6284 versus the aussie, 1-week high of 0.5959 versus the kiwi and an 8-day high of 1.4121 versus the loonie, reversing from its early lows of 0.6444, 0.6109 and 1.3876, respectively. The next possible resistance for the greenback is found around 0.60 versus the aussie, 0.56 versus the kiwi and 1.45 versus the loonie.

In economic releases, U.S. business inventories for February, NAHB housing market index for April and Fed Beige book report will be featured in the New York session.

The Bank of Canada's interest rate decision is scheduled for release at 10:00 am ET. Economists expect the benchmark rate to remain unchanged at 0.25 percent.

Grafico Cross Euro vs CAD (FX:EURCAD)

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