Analyzing overnight forex trends: US Dollar consolidation and Canadian Loonie strength

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

US Dollar        1.3525-1.3625

Euro                1.4675-1.4775

Sterling           1.7125-1.7225

WTI Oil (opening level) $82.20

The US Dollar index is marginally weaker this morning in a quiet overnight session, the Dollar continues to consolidate its recent gains ahead of the next round of US inflation data set to be released on Friday. There is lots of secondary data due out today but I don't think it will be enough to shake up the currency markets so the Greenback should remain steady.

Not a lot to report on the Canadian Dollar, USD.CAD dropped in the overnight session so the Loonie is a bit stronger this morning but still off of its best levels from last week. USD.CAD opens the day near the 1.3660 (0.7321) level and should continue to range trade for the day.

The calendar today will be dominated by US secondary economic data including US Durable Good orders and Consumer Confidence reports. Stocks are poised to recover from yesterday's down day and should have a strong opening. Look for both the Loonie and US Dollar to remain in tight ranges.