We saw a classic case of buy-the-rumor-sell-the-news price action on USDCAD. Yesterday, the currency pair traded in favor of the Loonie in anticipation of details of the Canadian government’s coronavirus
relief package. Among the majors, USDCAD scored the most gains against the US dollar when it closed 1.88% or 271 pips lower at 1.4191. However, following the announcement today, the currency pair is trading 0.55% from its opening price.