A busy week for the currency exchange markets starts with a strong US Dollar index

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

US Dollar         1.3250-1.3350

Euro                 1.5450-1.5550

Sterling            1.7150-1.7250

The US Dollar index is marginally stronger this morning as increased lockdowns in the EU and the UK have helped to push the Dollar higher. Stocks seem to have weathered the latest round of lockdown quite well as indexes around the world are all higher. I will have more on the election tomorrow but it could be that stocks like the growing chances of a Biden win. For now, the Dollar should remain trading with a strong bias as we get closer to the results of the election.

The Canadian Dollar has done quite well in the overnight session as USD.CAD opens the day at the 1.3290 (0.7524) level down from the overnight high of 1.3370 (0.7479). The Loonie also picked up some strength against the Euro and Pound and when you consider the big drop in the oil price overnight due to lack of demand from ongoing country lockdowns the Loonie has had a strong night.

It is an extremely busy week on the calendar to start the month with the US Presidential election tomorrow, the US Federal Reserve meeting on interest rates on Thursday and Canadian and US Employment numbers on Friday. This I feel will be one of the most volatile weeks for the currency markets this year so make sure you get your orders in early and not get offside with some big moves.