USD/CAD 1.4125 ,-0.0063 ,-0.44%
The dollar edged lower today as traders and investors are willing to trade in other risky currencies leaving USD behind because the unemployment rate of USD increased drastically. This was caused by the pandemic outbreak that caused the governments to introduce a lockdown to curb the virus and the evidence of the damage that was caused by the pandemic came out last week when the unemployment rate jumped to 3.28 million blowing past the previous record of 695,000 set in 1982. This week’s numbers are released Today with another 3.5 million claims of the people unemployed expected. This is putting much pressure on the USD and that is why the currency pair USD/CAD is currently going down.