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USD to CAD Morning Update — August 5, 2020

The Canadian dollar has gained 1% against USD between yesterday morning and today.  Contrary to some of the analysis being offered, the move has almost nothing to do with domestic factors and everything to do with overall US dollar weakness.  After starting August with a brief rally, the US dollar started selling off again during the North American trading day yesterday.  The reasons are the difficult and murky social, health, and political situation in the US.  Primarily, the market is focused on the fact that the Fed will have to continue its extraordinarily expansive policies for the foreseeable future given the spread of the virus in the US and the looming possibility of rolling shutdowns.  The Canadian dollar is simply getting caught up in that trend — US dollar sellers are everywhere right now.


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