Investors focus on today's US 10-Year Treasury auction

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

US Dollar             1.2600-1.2700

Euro                     1.4800-1.4900

Sterling                1.7300-1.7400

The US Dollar Index is marginally stronger as most global markets were quiet overnight. Investors will be closely watching the US 10-Year Treasury auction today as foreign demand is expected to be very high for US treasury notes as investors move out of stocks and into safe haven products to wait out the Delta variant storm.

The Canadian Dollar is unchanged this morning, yesterday did see USD.CAD take a run at the 1.2600 (0.7937) level which I was looking for but it could not break through and this morning the currency pair opens a touch higher at the 1.2630 (0.7917) level. Again, not much pulling the Loonie in either direction and it may stay that way until Fed Chair Powell's speech on Friday.

Today's July Durable Goods report out of the US is expected to show a small decline in manufacturing so we may see the US Dollar jump a bit and a drop in the stock market if the report is worse than expected. It would be a clear sign to the market that the virus continues to slow the US recovery.