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USD to CAD Morning Update — July 17, 2020

With the equity markets looking calm and oil flat, the Canadian dollar is unchanged from yesterday’s close.  The Loonie is trading right in the middle of the range in which it has been trading for the last month.  With no major economic data points expected today we expect relatively low volatility in the USD to CAD rate.  More broadly, the USD to CAD exchange rate seems to have found a stable level at just below 1.360, which balances the recent risk-on global sentiment with the risks associated with both economic recovery and the reemergence of the virus.  The Bank of Canada’s attempt on Wednesday to jawbone further easing into financial conditions without adding to QE did not work and the Loonie is right back where it was prior to that announcement on Wednesday.


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