The Canadian GDP report showed that the economy is in a recession

Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3500-1.3600
Euro 1.4700-1.4800
Sterling 1.7100-1.7200
WTI Oil (opening level) $75.92
The US Dollar index is marginally weaker this morning to start the new month, the Greenback reacted to some secondary inflation data released yesterday that showed consumer prices are indeed falling. The market looked at this report and clearly expects the Fed is done with interest rate hikes and now wants to know when the Fed will start to cut interest rates. We may get some information in that regard today as Fed Chair Powell is to give a speech on the economy and might drop a few hints on when a cut is expected, my guess is that he will continue on the path of saying that the Fed will keep interest rates high as long as necessary to combat inflation, this should give some support the US Dollar.
The Canadian Dollar was able to pick up some overnight gains not only against the US Dollar but also against the other currencies as well. USD.CAD opens the new month at the 1.3540 (0.7386) level which is the currency pairs lowest level since the end of September. The Loonie was able to strengthen despite a big drop in the oil price after Thursday's OPEC meeting and also a GDP report yesterday that showed a decline in the economy and confirmation that we are in a recession. Not sure this type of move is sustainable in the long term so US Dollar buyers may want to take advantage of this move. We get further information on the Canadian economy with the release of the November Employment report and it is expected that the economy created 15K new jobs last month but as we know from recent history this number can be very volatile.
After a very strong day yesterday stocks are poised to give back some strength on the opening but there is no reason to think that they will not continue their strong momentum in the short-term, today will depend on what Powell says but they should stay strong and the US Dollar to continue to trade with a weak bias.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2600-1.2700
Euro 1.5300-1.5400
Sterling 1.7600-1.7700
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3550-1.3650
Euro 1.4300-1.4400
Sterling 1.6250-1.6350
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3500-1.3600
Euro 1.3500-1.3600
Sterling 1.5650-1.5750