Hi there,
We are in a very interesting time. We've talked about this quite a bit in our Discord, but there are a few things happening. First off, I am not sure what new currency you are referring to (I haven't seen anything yet) but there are 'rumours' of this as many in BRICS have ramped up gold purchases. There is, however, nothing official from what I've seen.
The biggest issue at hand is the potential that USD's time as the petrol dollar is coming to an end. Last week we already saw the first LNG sale in Yuan (from France to China) and Saudi Arabia has entered into trade pacts with several countries. If they start to accept other currencies for oil, this will negatively impact the dollar as there will be less demand. These countries will no longer need to hold USD as a reserve to transact and it is possible they will dump the USD as a result. There was an article in Forbes this morning saying that the Saudi's are looking to decouple from their reliance on the US.
At the moment it is all speculation, but there are certainly a few factors to be mindful of. What does this mean for CAD - unknown. The USD has been the world reserve currency for more than 100 years and this would be an unprecedented event that no one in our lifetime has experienced. Only time will tell what will happen but being mindful of the pending risk is important. It'll hurt the US most and it'll likely impact us to a certain extent given our close economic ties to our neighbours.
Mat