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The Canadian dollar had a quiet week, as the currency continues to trade close to the 1.25 level. In the European session, USD/CAD is trading at 1.2495, down 0.10% on the day.
Budget to focus on Covid-19
The Trudeau government will table a budget on Monday, the first in two years. The budget is expected to provide billions of dollars for pandemic aid programs and subsidies, as Canada battles a third wave of Covid-19 which will undoubtedly have a negative impact on the economy. The budget will provide a clear picture of the state of the country’s finances, and if the situation is worse than expected, the Canadian dollar could lose ground today.