Markets Await Federal Reserve Rate Decision as US Dollar Strengthens, Loonie Holds Steady

Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3500-1.3600
Euro 1.4950-1.5050
Sterling 1.7700-1.7800
WTI Oil (opening level) $67.62
The US Dollar index is marginally higher to start the week as Friday's US employment data while less than market expectation was better than the previous month's number. Market focus will now turn to this week's US inflation data and then the markets should have enough information to decide if the Federal Reserve will cut interest rates by 0.50% or 0.25% the following week.
The Canadian Dollar lost a little ground to the US Dollar after the US report on Friday but still remains range bound between the 1.3500 and 1.3600 levels. The Canadian Jobs report showed the Canadian economy created just over 20K new jobs last month but it was not enough to really change any prognosis on the Canadian economy so the Loonie should remain steady until we hear from the Federal Reserve.
The Federal Liberals seem to be in a despair at the moment so I would not be surprised if we had an early election call this fall which in the short-term would not be great for the economy.
The Dow Jones had a tough day on Friday after the employment numbers were reported but are pointing to a strong opening this morning as markets still weigh the half point or quarter point debate. Nothing of note on the calendar for today so look for the US Dollar to remains supported.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3560-1.3800
Euro 1.5500-1.5730
Sterling 1.8440-1.8660
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2950-1.3050
Euro 1.3150-1.3250
Sterling 1.5150-1.5250
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2600-1.2750
Euro 1.4400-1.4550
Sterling 1.7150-1.7300