USD index appreciates as China announces new lockdowns

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

US Dollar             1.3400-1.3500

Euro                     1.3750-1.3850

Sterling                1.5850-1.5950

WTI Oil (opening level) $79.66

The US Dollar index is stronger and Asian stocks are lower this morning is what looks to be a quiet overnight session. It looks like the market has reacted to the announcement that the Chinese Government would put new COVID restrictions in place which could again lead to a slowdown in their economy. Both EUR.USD and GBP.USD fell about 100 points overnight so fears of a global recession continue to weigh on the currency markets.

The Canadian Dollar continues to lose some of the ground it gained last week to the US Dollar but the Loonie did manage to hold onto its current levels against the other currencies and in fact picked up some small gains against the Euro. USD.CAD opens the day near the 1.3450 (0.7435) level which is up almost 100 points from the opening last night in Asia.

There is not a whole lot of economic releases on the calendar this week as it is US Thanksgiving holiday on Thursday so the US market will shutdown on Wednesday afternoon. FX rates should remain steady throughout the week.