USD/CAD: Here’s why the Canadian dollar is rallying today

The Canadian dollar is in its third straight day of gains against the US dollar after Steve Mnuchin decided to stop emergency funding to small companies. The currency is also gaining because of the overall weaker greenback, stable oil prices, and Canada’s retail sales. The USD/CAD pair is trading at 1.3060. US ends stimulus to companies In a letter to Jerome Powell yesterday, Steve Mnuchin, the outgoing Treasury Secretary, said that the Fed should return more than $455 billion to the department. These funds were allocated under the CAREs Act and have been helping businesses of all sizes navigate the