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USD to CAD Morning Update — July 31, 2020

The Canadian economy grew by 4.5 per cent in May as businesses began to reopen after severe lockdowns that began in mid March.  The May figure was above the consensus forecast of 3.5%.  The preliminary estimate for June was 5%.  The Canadian dollar remains more attached to international developments than short term domestic economic developments and did not react much to the GDP figure.  The Loonie is steady this morning.  Oil is also flat and gold is up slightly.  The focus is on the stocks today as they are down despite stronger than expected earnings reports from big tech companies.  If equities continue to be weak, expect the Canadian dollar to soften as well.


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