Pound's Surge Weakens Index; Markets Await Inflation Data.

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

US Dollar        1.3650-1.3750

Euro                 1.4700-1.4800

Sterling            1.7100-1.7200

WTI Oil (opening level) $79.43

The US Dollar index is marginally weaker this morning as a jump in the British Pound helped push the index lower in a quiet overnight session. The US market will now get setup for next week's inflation report to get a sense of what the Fed may want to do with interest rates going forward.

The Canadian Dollar remains range bound ahead of the April employment report due out this morning. The market is expecting that the economy created 18K jobs last month which would be down a little from the 20K created last month. As we have seen this number can be quite volatile and unless the number comes in very strong I doubt there will be enough here to help the Loonie stage a big rally.

Stocks have had a great week and are poised for another jump on the opening this morning. Nothing major on the calendar to close out the week, look for the US Dollar to remain supported until we get the inflation report next week.