Account to Account
USD to CAD Morning Update — July 29, 2020
The US dollar continues to be under pressure broadly and is down across the board this morning. The Canadian dollar is up 0.1% against the US currency but is actually an under performer relative to other currencies. The focus is on the Fed’s announcement later today, where there is a widening expectation that the US central bank will take a dovish posture given the poor Covid situation south of the border. Negotiations also continue on a US fiscal package directed at Covid. In general, there is significant pessimism about the US dollar which is now trading at its lowest levels in two years when measured against a basket of trading partners. The Canadian dollar has partially benefited from that pessimism but is only trading at the levels it saw in early March.