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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.


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