27.04.2020 USD/CAD Daily Analysis

27.04.2020 USD/CAD Daily Analysis

USD/CAD 1.4055 ,-0.0047, -0.33% The U.S. dollar faced an aggressive downturn today and massive sell-off as traders turned away from the currency that they were considering as a safe haven. Today the currency is trading on 1.4055. The reason that made traders turn away from the safe haven was triggered by a lot of news about the slowing down of the coronavirus cases especially in Italy and many countries in Europe have announced a gradual opening of businesses and easing the lockdown restrictions. Italy, which is the country that was hardest hit by the virus in Europe reviewed more details on its plans to ease the nationwide lockdown from May 4 and Germany’s world's largest carmaker by sales Volkswagen resumed work at its Wolfsburg headquarters today.