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Canadian dollar stronger on better economic news

By MoneyWay | Mar 31, 2021

Canada’s monthly GDP came in better than expected, today’s increase of 0.7% was outside the range with 0.5% being the top.  The USDCAD got as low as 1.2539 and has since given back some of its gains.

Biden’s $2 trillion infrastructure plan unveils today with preliminary expectations of a new corporate tax rate of 28%.

The USDCAD will likely trade in a narrow range with a tendency to move back to the 1.2600 level.

Currently*          Close                     Range

USDCAD               1.2570                   1.2625                   1.2539-1.2635

EURCAD               1.4765                   1.4799                   1.4764-1.4803

GBPCAD               1.7345                   1.7358                   1.7303-1.7377

*Indicative only

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