Canadian Dollar takes advantage of the unsteady USD index

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

US Dollar         1.3200-1.3300

Euro                 1.5550-1.5650

Sterling            1.7050-1.7150

The US Dollar index is marginally lower as Trump has indicated that he would support a stimulus deal for the airline industry and House Speak Nancy Pelosi said she would be open to a deal. It still won't be the broad based stimulus deal the US economy needs but at least if they get this done it will help the thousands of Americans in the airline industry that have lost their jobs. Stock markets are again pointing higher to open this morning so they are content for the moment with the improvised stimulus plan but continuing volatility will remain the norm.

The Canadian Dollar has been able to take a advantage of the weaker US Dollar as USD.CAD opens the day at 1.3250 (0.7547) and it was also able to pick up some gains against both the Euro and Pound. I would not expect much movement in the Loonie ahead of tomorrow's employment data, USD.CAD should continue to range trade in narrow ranges.

Nothing major on the calendar for today, the US Jobless Claims report for September will show the pace of the job recovery in the US is slowing but the market is expecting that so unless it is really bad it wont effect the Greenback that much.