Stock markets remain steady as investors await new big moves from the US Federal Reserve

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

US Dollar         1.2050-1.2150

Euro                 1.4700-1.4800

Sterling            1.7100-1.7200

The US Dollar Index is unchanged this morning in what was a quiet overnight session, both stocks and the commodity prices held steady as investors continue to weigh the timing of the next big move by the US Federal Reserve. The New Zealand Dollar held onto its gains from yesterday where that country's Central Bank indicated that they would look to increase interest rates next year.

The Canadian Dollar lost some more ground yesterday to the US Dollar but it was able to recover some of these losses last night and USD.CAD opens the day near the 1.2100 (0.8264) level. The Loonie looks like it is comfortable settling in near the 1.2100 level for the time being as it awaits the next bit of economic news.

Up today on the calendar we get another look at the US recovery in the form of the demand for Durable Goods which is a big indicator of how the US manufacturing sector is performing. A strong number this morning should be enough to push USD.CAD a little lower.