Canadian PM Trudeau: Will provide up to C$27 billion to help Canadians and businesses

Eren Sengezer FXStreet

"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.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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