Analysts at Scotiabank offered the month's outlook for the Americas.

Key Quotes:

"USD weakness remains a key factor shaping flows in foreign exchange markets in both major and developing currencies.

Excess global liquidity, endorsed by ultra-low interest rates in North American and European central banks, continues to prolong the quest for yield in emerging markets. Commodity-linked currencies enjoy a broad-based positive momentum.

The sharp CAD and MXN appreciation may lead to a near-term stabilization phase."