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USD to CAD Morning Update — July 22, 2020

Inflation figures in Canada were surprisingly robust, with prices (excluding gasoline) in June up 1.2% from the prior year.  The news reinforces the view that Canada is emerging from the shutdown at a healthy pace.  The Canadian dollar is now trading near its highest level since the beginning of the crisis in early March.  The strength is partially due to the economic picture in Canada but mostly due to overall USD weakness.  The US dollar selling has been accelerating over the last week against most major currencies.  The reasons are complex and multifaceted.  The EU deal to finance the recovery is part of the USD selling.  The strength in the stock markets as an indication of the risk-on environment is another reason.  And the poor US response to the Covid crisis is also part of the reason.

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