“Canada will provide $27 billion CAD to help Canadians and businesses,” Canadian Prime Minister Trudeau announced on Wednesday and added that they will create $55 billion CAD to meet liquidity needs of business and households through tax deferrals.
“We will provide temporary wage subsidy for up to 3 months to allow businesses to keep workers on the payroll,” Trudeau further noted. “Canadians will have until August 2020 to pay taxes.”
USD/CAD reaction
These remarks failed to help the CAD find demand and the USD/CAD pair was last seen trading at 1.4460, adding 1.85% on the day.
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