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USD to CAD Update: Canadian Dollar Retreats as Ontario Announces New Stay-at-Home Order

By April 7, 2021February 27th, 2024No Comments
The Canadian dollar is weaker by 0.3% to and is now at a five day low as Ontario gets set to announce a two-week stay at home order later today.  The impending announcement by the Canada’s largest province surprised some observers.  This is the first time that a specific local action in response to the pandemic is moving the USD to CAD exchange rate and reflects the view that the longer the pandemic remains a drag on economic activity, the more likely that the Bank of Canada will continue to remain accommodative.  The weakening in the Loonie comes despite release of data showing a trade surplus for a second month in a row in February and a PMI index which showed unexpected strength in the Ivey PMI Index in March.  Oil prices are modestly weaker as negotiations seem to be on track for a renewed nuclear deal between the US and Iran.


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