Stock markets crashed after Trump had created uncertainty around the stimulus package for the US economy

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3200-1.3300

Euro                 1.5600-1.5700

Sterling            1.7125-1.7225

The US Dollar index is marginally stronger after what can only be described as a bizarre 24 hours of Tweets from the White House. Contradicting Fed Chair Jerome Powell who had earlier in the day called for more stimulus to help the economy Trump called for an end to negotiations on the stimulus plan saying he would put together his own plan after he wins the election and then during the night he seemed to go back on what he tweeted earlier and called for stimulus to help airline workers and a create a paycheck protection program. Stocks which had been moving forward yesterday crashed after his tweet about the stimulus talks ending and the Greenback jumped higher but as of now it looks like stocks have moved a touch higher overnight to recover a little. I think the next few months will be a tough time for America and the Stock Markets as even if Trump loses I doubt he will leave the White House gracefully, markets will not like the uncertainty he is creating and the Greenback will remain strong.

The Canadian Dollar is marginally weaker this morning as USD.CAD opens the day back near the 1.3300 (0.7519) level. The Loonie has recovered somewhat from its worst levels of the night (1.3335-0.7499) so overall not a terrible night for the Loonie. No change in my view that the Canadian Dollar is being ignored by international markets for the moment and it is just reacting to developments south of the border.

Markets will be keeping an eye on Trump's Twitter account throughout the day and over the next few weeks but they will also be looking at the release of the minutes from the last meeting of the Federal Reserve. I don't think there will be any surprises here as most people know the Fed is looking for more stimulus from the Government but markets will be looking to see if they are considering negative interest rates going forward.