Canadian dollar starts the week on a positive note

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

US Dollar             1.2525-1.2625

Euro                     1.3450-1.3550

Sterling                1.5700-1.5800

WTI Oil (opening level) $119.15 (up $3.00 from Friday's opening)

The US Dollar Index is marginally weaker this morning in a quiet overnight session. Asian and European stocks after a tough day on Friday have moved higher overnight as China has started to open up regions of Beijing once again. The Euro has moved slightly higher this morning as later in the week the ECB is expected to announce the withdrawal of their bond buying stimulus program and announce a pathway to higher interest rates.

The Canadian Dollar has started the new week holding onto its gains from last week as USD.CAD opens the day near the 1.2550 (0.7968) level. The Loonie also made small gains against the other currencies so overall it is starting the week on a positive note. The Loonie should continues to garner some benefit from the higher oil price which continues to move higher on Putin comments about expanding the war in Ukraine.

It will be a busy week for the currency markets, in addition to the ECB interest rate announcement on Thursday, the week is highlighted by the Canadian Employment report for May and the US May Inflation report on Friday. Ahead of those reports we also can throw in lots of secondary US and Canadian data and some Bank of Canada speeches on the economy so we should have a busy week for the Loonie.