Stocks Build Momentum as Markets Await Key US Data; USD Holds Steady
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3700-1.3800
Euro 1.4950-1.5050
Sterling 1.7500-1.7600
WTI Oil (opening level) $78.16
The US Dollar index is marginally stronger and stocks continue their recovery in a what was a quiet session yesterday and an overall quiet start to the week. Markets have pretty much digested that US employment is not falling off a cliff and a recession in the states is very much in doubt, everything will still depend on what the Fed says and does in September.
USD.CAD continues to range trade between the 1.3700 and 1.3800 levels as it awaits its next move, the Loonie has lost a little ground to the other currencies but overall our dollar is hanging tough for the moment.
Stocks continue to build off their momentum from last week and had another strong day yesterday, they are poised for a flat opening as the market awaits the report on what Producer Prices did last month and then the all important US July inflation report which will be released tomorrow. The Loonie and Dollar should remain steady ahead of both of those releases.
Canadian Dollar is often referred to as "The Loonie", because of the loon bird that's featured on the $1 coin. In fact, this nickname became so popular that the Royal Canadian Mint, the coin manufacturer, trademarked it in 2006.
The Loonie was introduced in 1987 as a replacement for a paper dollar. For the most part, it was done as a cost-saving measure. The very first 11-sided Loonie coin was designed by a Canadian artist Robert-Ralph Carmichael.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2800-1.2900
Euro 1.3100-1.3200
Sterling 1.5500-1.5600
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.4300-1.4510
Euro 1.4920-1.5140
Sterling 1.7810-1.8030
