Japanese Yen hits a 24-year low against the American Dollar

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

US Dollar             1.2950-1.3050

Euro                     1.3625-1.3725

Sterling                1.5850-1.5950

WTI Oil (opening level) $110.00 (down $6.00 since Friday)

The US Dollar Index is marginally weaker this morning as the dollar was pushed lower by a stronger Euro which is benefitting from the ECB plan to start raising interest rates in July. On the other hand, the Greenback has hit a 24-year high against the Yen as Japan still refuses to increase interest rates to battle inflation.

The Canadian Dollar was able to pick up some small gains against the US Dollar as USD.CAD opens the day near the 1.2950 (0.7722) level. For now it looks like the Canadian Dollar has rebuffed the 1.3000 level but with a busy week in Canada we could easily see it back testing those levels.

Up today we get the Canadian Retail Sales report and that will be followed by the Canadian Inflation report on Wednesday so with these reports we could see some volatility surrounding the Loonie. With stocks pointing higher on the opening most of the market will be watching Fed Chair Powell testimony to Congress over the next few days where he will discuss the future of US interest rates.