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Canadian Dollar Morning Update — June 3, 2020
The Canadian dollar is taking a breather from its relentless recovery of the last two weeks. We are lower by 0.2% this morning as we await the first exposure to Tiff Macklem as the Governor of the Bank of Canada. The central bank will be releasing its first interest rate decision under new leadership later this morning. The decision is not expected to make any news but the markets will be watching for Governor Macklem to put his stamp on policy in the coming months. Oil is flat and the equity markets continue their rise on optimism about the economic recovery.