The Greenback continues to rise while investors awaiting for the Fed Chair Powell's speech

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

US Dollar        1.3400-1.3500

Euro                1.4350-1.4450

Sterling           1.6050-1.6150

WTI Oil (opening level) $75.18

The US Dollar index is marginally higher this morning as the market continues to push the dollar index upward after the strong jobs report on Friday left the expectation in the minds of investors that US interest rates could go even higher than was expected. Yesterday saw a senior Fed official say just that and this afternoon Fed Chair Powell gives a speech which the market will be watching closely to see how hawkish he is.

The big currency mover overnight was the Australian Dollar which moved almost 100 points against the US Dollar as that country's Central Bank increased interest rates by 0.25% and said more interest rates would be needed to combat inflation.

Same story for the Canadian Dollar today as we saw yesterday, the Loonie has lost a small bit of ground to the US Dollar but has picked up some gains against the other currencies so all-in-all not an overly bad performance from the Loonie. USD.CAD opens the day near the 1.3430 (0.7446) level so it is back moving around in recent ranges.

Stocks are again pointing lower today, a reaction to further expected interest rate hikes in the US and we get some US and Canadian trade data out today so we could see further small gains from the US Dollar today.