Fed Minutes and Economic Data in Focus; US Dollar Dips Ahead of July 4th Holiday.

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

US Dollar        1.3650-1.3750

Euro                 1.4650-1.4750

Sterling            1.7350-1.7450

WTI Oil (opening level) $82.40

The US Dollar index is marginally weaker as the US market gets set to shut down ahead of the July 4th holiday tomorrow. Yesterday the Greenback lost some ground as Fed Chair Powell in a speech stated that the Fed has made great progress in fighting inflation which led investors to again expect an interest rate cut later this year. This afternoon the market gets the minutes from the latest Fed meeting so the market will get a little more information on what the Fed is thinking.

The Loonie was able to pick up some small gains but continues to range trade in the 1.3600-1.3700 range where it has been stuck for a few weeks now.

The markets get lots of data today before the July holiday, including the aforementioned Fed minutes but we also get some early look at the US employment situation with the jobless claims report, factory orders and finally some trade data. In addition the market could see more volatility in the next couple of days as we have election results both in Europe and the UK to get through.