USD index gets stronger as markets await the US and Canadian December Employment reports

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

US Dollar         1.2650-1.2750

Euro                 1.5500-1.5600

Sterling            1.7200-1.7300

This is the first important economic calendar event of the year is on tap this morning (08:30 am) with the US and Canadian December Employment reports, ahead of these reports the US Dollar index is trading a little stronger as the US Jobs number is expected to be downbeat, USD.CAD is hanging in around the 1.2700 (0.7874) level as it continues to range trade around that number.

Actual Number Consensus Forecast

CAD Employment -62.6K -27.5

US Employment -145K 71K

Both economies have showed disappointing numbers and the US Dollar is jumping a bit but not sure how long that will last as stocks are still pointing higher. USD.CAD has moved higher but remains close to the 1.2700 level. It should remain trading in narrow ranges throughout the day and may recover if stocks have a strong day.