With the Canadian government’s new pilot program offering a universal basic income to the households, we expect the CAD to grow stronger. Canada is the latest to launch this program after Finland, which announced a similar program in January. The province of Ontario announced plans to give free money to 4000 eligible Canadian households through a three-year study on this project.

The aim of this Ontario program is to provide a healthy lifestyle, guaranteed income and improvised educational outcomes to all the low income households of Canada. The individuals in this project will receive up to $17,000, minus half of their income. Also, couples will receive up to $24,000 whereas the physically disabled will receive up to $6,000.

The provincial government has chosen the Ontario communities of Hamilton, Lindsay and Thunder Bay for this pilot project as they have the right size of population. Ontario Premier Kathleen Wynne, who is likely to face a re-election next year, commented on whether a basic income would make a positive difference in people’s lives. From a trading standpoint, we expect the CAD to gain strength in the upcoming days.

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