The Loonie had a good start to the year, as managed to receive an advantage against the Euro and Pound

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

US Dollar        1.3250-1.3350

Euro                1.4500-1.4600

Sterling           1.6750-1.6850

WTI Oil (opening level) $73.43

The US Dollar index is stronger this morning as the new trading year kicks off, overnight stocks gave back some of their strength in Europe and Asia and the Dollar was able to extend some strength as markets get back to full strength trading. The initial themes for 2024 will continue on from the end of 2023, when will the Fed first cut interest rates? What will the China/USA relationship look like in 2024 and how will global conflicts at the risk of expanding affect the markets? For the short-term it looks like the Dollar has bottomed out but that could change quickly as we have seen in the past.

The Canadian Dollar has also bounced off its best levels to start the year, USD.CAD has moved a little higher overnight and opens the year near the 1.3275 (0.7533) level but the Loonie was able to extend some gains against both the Euro and Pound so overall a good start to the year for our Dollar.

The calendar picks up again this week with the US Federal meeting minutes and both the Canadian and US Employment numbers at the end of the week, for today the US Dollar should remain supported as stocks look like they will have a big drop on the opening.