Yesterday, the Canadian dollar started the day down 0.2% and continued to trade down losing 0.5% for the day. This morning the USD to CAD rate is flat. The concern continues to be the rise in coronavirus cases globally and in the southern and western parts of the United States and what that might mean for economic recovery. Stocks had their worst day yesterday in several weeks. Oil was down notably. The US dollar was up across the board as a safe-haven asset. This morning, those same trends continue with the added data point of disappointing unemployment numbers released this morning in the US. In Canada, yesterday’s downgrade by Fitch of federal government debt was not particularly surprising and did not impact the Canadian dollar.
