Strong economic data from the EU pushes Euro higher

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

US Dollar             1.3250-1.3350

Euro                     1.3775-1.3875

Sterling                1.5750-1.5850

WTI Oil (opening level) $85.00

The US Dollar index is marginally weaker this morning as strong economic data out of Europe has helped push the Euro and Pound higher overnight. Stronger economic data out of other regions and the ongoing perception that the Fed will be able to dial back the pace of their interest rate hikes continue to weigh on the Dollar and push it lower.

The Canadian Dollar was not able to take advantage of the weaker US Dollar as it continues to move back and forth between the 1.3250 (0.7547) and 1.3325 (0.7505) range without any real sense of direction at the moment. Given the strength in the Euro and Pound overnight the Loonie is quite weak against those currencies this morning so the Loonie is once again on the backfoot.

After a down day yesterday stocks are pointing higher this morning so that may help to push the dollar a bit lower to start the day. The reports from yesterday's meeting between Biden and Jinping were generally positive but without any substantive agreements the markets did not really react. Overall, it should be a fairly quiet day on the currency markets with the Loonie continuing to range trade.