Scotiabank Sees Renewed Pressure on USD/CAD

Analysts at Scotiabank expect renewed pressure on USD/CAD after its July decline, with a break below 1.4000 opening the way towards 1.3981 and the upper 1.39s.

The US Dollar to Canadian Dollar exchange rate ended July near 1.4015 after falling 1.36% over the month.

Scotiabank notes that the Canadian Dollar has benefited from the broader deterioration in US Dollar sentiment following the Federal Reserve meeting, although progress through the 1.4000 area has so far proved difficult.