Scotiabank Sees More USD/CAD Pressure Ahead Amid Strong Canada Growth

The Canadian Dollar (USD/CAD) has seen significant pressure recently, according to Scotiabank's forecast.

Recent data shows that Canada's real GDP was stronger than expected in May, April, and June, with a monthly result of +0.3%, a revision for April of +0.6%, and a flash estimate for June of +0.2%. The quarterly growth rate for Q2 is estimated to be +0.8% or about 3.3% at an annual rate.

This positive economic news has put additional pressure on the Canadian Dollar, which Scotiabank sees as continuing in the coming days and weeks.