The fullback, who had a spell on loan with Tranmere Rovers last season, was due to return to Everton this week but will now spend another six weeks at least with the Sky Blues.
"Matty's reached all our expectations both on and off the pitch," Pressley said of the 20 year-old. "He provides us with versatility in defence. We've been really impressed by Matty's performances since he has joined up with us.
"He has been excellent, not only on the pitch, but in the way he conducts himself off it. It is a credit to the grounding he has received from Everton. His attitude has been superb."
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