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USD to CAD Morning Update — August 13, 2020

By August 13, 2020February 23rd, 2024No Comments
The US dollar weakness continues.  The US dollar is now trading at its lowest level against the Euro since May of 2018.  The Canadian dollar it is comfortably at its highest level against USD since February of this year.  This morning, the Loonie is up 0.25% against the US currency despite lower gold and oil prices.  USD/CAD did not react to a yet another better-than-expected employment number out of the US.  Part of the reason for the USD selling is the absence of agreement between Congress and the Administration on a stimulus package.  But more broadly, sentiment and technical analysis suggests that the US dollar weakness may continue, though fundamental analysts are a bit more skeptical that the pressure on the US dollar will continue.

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