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USDCAD Consolidates its Gains
The US dollar bounced back as the demand for safe assets continues to rise. Despite the central bank’s interventions to ease the strain in the funding markets, which temporarily drove the greenback lower, the cost to borrow dollars has shot up again.
The dollar bulls are likely to hold on their bets, especially against the oil-sensitive Canadian dollar. Short-term volatility may increase as US unemployment figures are expected to swell this week during the health crisis. The pair is climbing along the 20-day moving average above 1.4000, and the previous high of 1.4550 is the immediate target.
USDCHF Attempts March’s High
In a contest to be the safest haven, the US dollar seems to have gained the upper hand. Switzerland’s government has launched a 42 billion Swiss franc aid package for the economy as the country struggles to contain the pandemic.
While the US is certainly not in an envia...
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