OPEC cut its global 2022 oil forecast which may impact Canadian dollar

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

US Dollar             1.2475-1.2575

Euro                     1.4675-1.4775

Sterling                1.7275-1.7375

The US Dollar Index is marginally weaker as again overnight markets are fairly quiet. The spread of the virus in China as led to a shutdown of the world's third largest container port and investors are becoming increasingly worried that the spread of the virus throughout Asia will dramatically slow the global recovery.

OPEC today cut its global 2022 oil forecast citing that slowdown citing the slowing demand in Asia brought on by the virus, this will most likely lead to pride drops and certainly wont be good news for commodity currencies like the Canadian Dollar.

Nothing to report again this morning for the Loonie, USD.CAD remains range bound and opens the day once again near the 1.2520 (0.7987) level. The Loonie did pick up some small gains against the Pound but remains fairly steady. lost a little bit to the Euro so the currency remains fairly stable in quiet conditions.