Canada: Tiff Macklem, a former senior deputy, named as next BoC governor

Tiff Macklem, a former senior deputy at the Bank of Canada (BoC), has been appointed as the next governor of the central bank, Finance Minister Bill Morneau announced on Friday.

"New BoC governor Macklem's expertise will serve the country well amid COVID-19 crisis," Morneau added. "Macklem will promote a strong Canadian economy." 

Market reaction

The USD/CAD pair inched slightly higher in the last minutes and was last seen trading at 1.4035, where it was gaining 0.67% on a daily basis.