USD Dominance: Markets Monitor BRICS Challenge and Dollar Resilience

Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3940-1.4150
Euro 1.4660-1.4880
Sterling 1.7720-1.7920
WTI Oil (opening level) $68.82
The CAD is opening at 1.4040 ( 0.7122)
Key points
· Equities: US markets hit record highs last week, Asia mixed with strong Chinese PMIs.
· Volatility: Short-term caution lingers ahead of upcoming economic data
· Currencies: USD resurgent in Asian session to start the week as Friday’s JPY strength also fades despite hawkish comments
· Commodities: Gold weaker on dollar strength. Crude looks to China and OPEC+ for support
· Fixed Income: Treasury and Bund yields dip as traders eye key economic data
I have written about the BRICS threat on the status of the USD dominance in the world. But it is interesting to note the perspective of the incoming president Trump. I read over the weekend how Trump wants to defend the strength of the USD in world trade. He suggested he would impose tariffs of 100% on countries associated with BRICS. The idea that those countries are trying to move away from the USD while the USA stands by and watches is over. He requires a commitment from these countries that they will not create a new BRICS currency, nor back any other currency to replace the mighty USD, or they will face 100% tariffs, and should expect to say goodbye to selling into the wonderful USA economy.
This is something to keep an eye on!
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3750-1.3850
Euro 1.4650-1.4750
Sterling 1.6600-1.6700
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 1.2450-1.2550
Euro 1.5000-1.5100
Sterling 1.7325-1.7425