US extends travel restrictions at Canada, Mexico land borders through July 21

Early Monday morning in Asia, Reuters came out with the latest updates from the US Homeland Security Department, conveyed on Sunday, suggesting the land borders with Canada and Mexico will remain closed to non-essential travel until at least July 21.

“The 30-day extension came after Canada announced its own extension on Friday of the requirements that were set to expire on Monday and have been in place since March 2020 because of the coronavirus pandemic,” adds Reuters.

It should, however, be noted that the US Homeland Security also mentioned, per Reuters, that it noted "positive developments in recent weeks and is participating with other U.S. agencies in the White House’s expert working groups with Canada and Mexico to identify the conditions under which restrictions may be eased safely and sustainably."

FX reaction…

The news should ideally weigh on the market sentiment and add to the safe-haven demand of the US dollar while also negatively affecting the USD/CAD prices.

Read: USD/CAD Weekly Forecast: The long decline ends