US Dollar is expected to trade with a stronger bias

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

US Dollar         1.2500-1.2600

Euro                 1.4700-1.4800

Sterling            1.7350-1.7450

The US Dollar Index is marginally higher this morning as the US Dollar trend remains strong through the remainder of the Easter Holiday weekend. European markets are still closed for the holiday so markets have not had time to fully digest the strong US employment report from Friday that saw over 900K new jobs created last month in the US. The Dollar continues to trade with a stronger bias and that pressure should remain in the coming weeks.

The Canadian Dollar has stood up well over the holiday weekend as it was able to make some small gains against the US Dollar but lost some ground to the other currencies. USD.CAD opens the new week at the 1.2550 (0.7968) level so for the moment the currency pair has moved back lower off of last weeks highs. Again, there is nothing to suggest that the Loonie will go on a sustained run so we should see further range trading as we move into the rest of week.

A quiet start to the week on the economic calendar, the big event of the week will be the Canadian Employment report on Friday but ahead of that the Loonie should continue to trade in reaction to moves with the US Dollar.