This is the Loonie Dollar's Reaction After the Canadian Budget Is Approved! - Kakiforex.com - Financial Market Media No. 1 in the World This is the Loonie Dollar's Reaction After the Canadian Budget Is Approved! This is the Loonie Dollar's Reaction After the Canadian Budget Is Approved!
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June 30, 2021

This is the Loonie Dollar's Reaction After the Canadian Budget Is Approved!

 The Canadian Senate approved a budget bill proposed by Prime Minister Justin Trudeau as his last move to expand Covid-19 support in the summer or perhaps ahead of elections in September.


The passed C-30 bill is Canada’s first budget in more than two years.


It includes the expansion of key assistance programs, such as salary subsidies to help employers pay employees and support to help businesses pay their rent.



However, the approval failed to stimulate the Canadian dollar, instead it continued to trade weaker at a one -week low against the US dollar in the Asian session.


This weakness was driven by market concerns over the widespread contagion of the Delta Covid-19 variant and threatening global trade as well as burdening commodity trading.


Risky sentiment in the market gave the greenback an opportunity to profit as a safe-haven and weakened major currency trading.