The USD is lower across the board this morning, including down about 0.25% against the Canadian dollar. In Canada, there is a lot of attention being paid to this afternoon’s budgetary update where the federal government is expected to announce an anticipated $300 billion deficit resulting from the stimulus programs in response to the pandemic. While an important economic update, it is unlikely that there will be any news out of that speech that will move the Canadian currency. The USD to CAD exchange rate will continue to trade more on global economic risk sentiment than any particular policy announcement in Canada. The Loonie has been mostly range- bound between the 1.355 and 1.365 levels for the last month.
