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USD to CAD Morning Update — June 5, 2020

The Canadian dollar is up 0.6%  this morning.  Jobs reports both in Canada and the US confirm that the economic reopening is happening at a quicker pace than expected.  Canada added 290,000 jobs where the consensus had been for a loss of 500,000 jobs.  The reports have further fueled the already strong sentiment that a V-shaped recovery is in process and that is unambiguously good for currencies like the Canadian dollar which thrive in risk-on environments.  Not surprisingly, the stock markets reacted to the news in the same way, trading up strongly.  Commodities, including oil, are also up strongly this morning on the jobs news.


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