Republican Senate Majority Leader Mitch McConnell refused Tuesday to quickly raise the amount of the coronavirus stimulus direct payments to $2,000, rebuffing demands for bigger checks from Democrats and President Donald Trump.
McConnell, R-Ky., blocked Sen. Chuck Schumer’s effort to allow a vote on
Dec 30, 2020 17:37 GMTFXStreet News
USD/CAD losses have accelerated in recent trade as USD continues to weaken.
Bears will be on the lookout for a test of annual lows just under the psychological 1.2700 level.
USD/CAD has been on the back foot thus far on Wednesday, the pair dropping from above the 1.2800 level in Asia Pacific trade to the 1.2750s more recently. The move is being driven by a weakening of the US dollar as opposed to strength in the loonie; CAD currently sits close to the middle of the G10 FX performance table, up around 0.5% on the day versus the buck. USD/CAD is nursing losses around 60 pips, with the bears eyeing a move back towards annual lows just under 1.2700, potentially before the year is out.