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USD to CAD Morning Update — July 15, 2020

The Canadian dollar is stronger by 0.3% this morning in response to positive news out of a US vaccine trial.   But all eyes are on the Bank of Canada this morning.  While no one expects the bank to change rates, everyone will be closely watching the news conference and the Monetary Policy Report for further indications on how the bank and its new Governor intends to deal with the ongoing crisis.  Certainly, quantitative easing (the bond purchase program) will continue but questions remain that could impact the Canadian dollar.  How much longer will the bank continue to purchase bonds?  How will it respond to the larger than expected fiscal deficit?  Will it grow the bond purchases?  Will it move to more direct control of the yield curve?  A move such as an increase in the size of the purchases could push the Canadian dollar down.


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