The US dollar is steady this morning as the markets continue to absorb the latest information about the renewed spread of the virus and its potential impact on the economic recovery. The rise in coronavirus cases globally and in the south of the US has the markets retreating from the optimism of the last several weeks. At the same time, a mixed picture is emerging from the US or Canada on the status of the economic recovery. For example, yesterday’s US unemployment figures were worse than expected but today’s personal spending numbers were better than expected. Equities are mixed and oil is down slightly. The Loonie is weaker by just 0.1%. In the absence of any economic data points to be released today, we expect the USD to CAD rate to hover around this same rate for the rest of the day.
