US Dollar Rises as Euro Weakens Amid French Election Concerns

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

US Dollar        1.3700-1.3800

Euro                 1.4700-1.4800

Sterling            1.7400-1.7500

WTI Oil (opening level) $79.65

The US Dollar index is marginally stronger this morning as the Greenback continues to benefit from weakness in the Euro. There is growing evidence that investors are moving out of Euro dominated instruments for the time being and into US Treasury Bonds as a safe-haven hedge against a possible victory in the French election by the far-right parties. While unlikely there is a fear that down the road any new governments in France may try and take France out of the EU which would be another mess not unlike Brexit.

Nothing new this morning on the Loonie, the Canadian Dollar is holding steady in such a way that I did not even have to adjust any of the expected ranges this morning, it should continue to range trade throughout the day and remain steady throughout the week.

Tomorrow is the Juneteenth Federal holiday so US markets will be closed, ahead of that we get the May US Retail Sales report and a slew of US Federal Reserve speakers so the market may get a better view on where the Fed stands on interest rate cuts