National Holiday in both the USA and the UK should keep the currency markets stable for today

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 marginally weaker this morning in a very quiet ending to the month, it is a national holiday both in the UK and the US so currency markets will remain stable and quite until tomorrow. The only real overnight news was economic growth rates out of China were less than expected but still show the Chinese economy is making a strong recovery from the pandemic. It is also being reported that the UK intelligence community said there may be credible evidence that the pandemic could have started with an accidental leak of the virus from a lab in Wuhan. If this is in fact true and other countries take economic action against China then currency markets may react by pushing the US Dollar higher, just something to keep an eye on for down the road.

USD.CAD opens the last day of the month at the 1.2075 (0.8281) level as it traded in a narrow range throughout the night. It should remain close to these levels as US banks and traders are off for the memorial holiday.

Tuesday starts the month of June and we will have a busy week on the calendar especially for the Canadian Dollar. Tomorrow we get the Canadian GDP report for March and on Friday we get both the US and Canadian Employment reports. It should be a busy week for the currency markets with the Canadian Dollar activity front and centre for a while.