Canadian FinMin Morneau: Economy is doing poorly, not considering a tax hike

While speaking on CTV during the early Friday morning in Asia, Canada’s Finance Minister Bill Morneau turned down the calls of a tax rate hike citing the economic weakness.

Key quotes

Canadian economy is doing poorly.

The last thing we would want to do would be to raise taxes.

Government is not contemplating tax increases at this time to help pay for costly coronavirus aid programs.

FX implications

Considering the lack of activity in Canadian markets at this time of the day, USD/CAD failed to respond to the news, trades mostly unchanged around 1.3600 as we write. Though, the update adds weakness into the Loonie.