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Canadian Dollar Morning Update — June 1, 2020

The Canadian dollar continues to strengthen and is up another 0.3% against USD this morning.  The Loonie is now at the highest level since early March.  The reason for the recent strength has been that as the markets have become more optimistic about a successful global reopening of world economies, the risk-haven status of the US dollar has become less attractive and currencies like the Canadian dollar have regained favour.  For those same reasons, oil has had a significant run since its historic trough a month ago.  That has also helped the Canadian dollar.  The civil unrest in the US is not likely to have a long-term economic impact but it does highlight the risks of holding USD going into a contentious election season.


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