The oil price jumped above $90 overnight, which is the highest level since February 2022

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

US Dollar        1.3400-1.3500

Euro                1.4300-1.4400

Sterling           1.6400-1.6500

WTI Oil (opening level) $90.17

The US Dollar index is unchanged to start the week but the bias remains strong for the Dollar on the back of Fed comments that interest rates will remain high for longer than expected. The Dollar is also gaining some strength from uncertainty in China as that country continues to have major issues surrounding it's property market, Asian stocks continue to move lower on the worries with this market. For the foreseeable future the Greenback should remain supported on the back of US treasury yields remaining strong.

The Canadian Dollar has picked up a little overnight strength against the Greenback as USD.CAD fell lower to trade at the 1.3455 (0.7432) level. The move was primarily on the back of an oil price that jumped back above $90 overnight, this is the highest the oil price has been since February of 2022 and since June of this year the oil price has jumped 30%. Not sure just how much any further hikes in the oil price will help the Loonie over the short-term but at the very least it may help to stop a big drop in the coming weeks.

Nothing of note on the calendar to start the week, we do get both Canadian and US GDP numbers to close out the month of September so markets will get geared up for those releases. Stocks are set to continue their decline this morning so the US Dollar should remain supported throughout the day.