Canadian Dollar Makes Gains As The Greenback Sells Off.

Daily Currency Update

CAD - Canadian DollarThe Canadian dollar strengthened against its U.S. counterpart as market participants sold off U.S. dollar positions ahead of the U.S. Department of Labor weekly jobless claims. At the 8:30 am release time, claims soared to their highest level ever to 3.3 million. The silver lining is that the system did not breakdown with the overload of claims, and individuals that filled will get the assistance they need. WTI Oil is down 4.70 percent to $23.40 per barrel and gold continues its move higher by 1.56 percent to 1631.60.The U.S. signed off a $2 trillion rescue package last night that will provide support to individuals, businesses and medical centers hit by the Coronavirus outbreak. Reports state that persons with an income of less than $75k a year will receive cheques for $1200 with children receiving $500. After two days of debate, the bill was unanimously signed off by the senate so that America can fight a situation that is deteriorating rapidly. New York state has been particularly severely affected, with close to 30k cases being confirmed and 368 deaths reported. The doubling of cases in two days should sound alarmed to many at The White House; however, President Donald Trump has recently said he wants America back to work by Easter, which looks like it will be a stretch, to put it mildly.