American dollar loses some of its recent gains

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

US Dollar             1.2700-1.2800

Euro                     1.3400-1.3500

Sterling                1.5975-1.6075

WTI Oil (opening level) $106.50(Oil price is up $4 from yesterday's opening level)

The US Dollar Index opens marginally weaker this morning as stocks staged a recovery yesterday with the Dow Jones Index up over 600 points at the close. Despite a weak US GDP report it is fully expected that the Federal Reserve will still increase interest rates by 0.5% next week, the US Dollar should remain supported and in fact the US Dollar index has had its best month since 2015 having risen over 4% during the month. With poor after market results from Apple and Amazon yesterday the stock market is again pointing lower this morning so there is no reason to think that the Greenback will not trade a little stronger this morning and recover some of its losses.

The Canadian Dollar was able to recover some losses yesterday as USD.CAD opens the final session of the month at the 1.2730 (0.7855) level, it did lose some ground to the British Pound and stayed at current levels against the Euro so overall not a bad day for our Dollar. We do get lots of Canadian secondary data due out this morning which may move the Loonie a little but for the most part Canadian traders will watch the stock market and get their queue from what the US Dollar does.