Canadian Dollar was able to pick up some strength against major currencies

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

US Dollar         1.2500-1.2600

Euro                 1.4725-1.4825

Sterling            1.7225-1.7335

The US Dollar Index is for the most part unchanged this morning as yesterday saw the Greenback give back some gains as stock markets recovered some of their losses from earlier in the week. This morning the markets were watching the European Central Bank announcement on interest rates where they indicated that they will keep interest rates and their stimulus program at current levels. The Euro which traded higher yesterday has so far held onto those gains after the announcement.

The Canadian Dollar is unchanged this morning but that was after a strong day yesterday where it recovered a lot of its losses from earlier in the week. USD.CAD which had reached a high above the 1.2700 (0.7874) level has traded below 1.2550 (0.7968) this morning so a strong showing from the Loonie. Given that the virus continues to spread around the globe I would still be a little wary of the currency pair snapping back higher if the news remains bad.

Stocks are again pointing slightly higher this morning so we may see the US Dollar give back some more strength but just be aware that can change very quickly.