Market Awaits Powell’s Testimony as Dollar, Euro Steady

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

US Dollar        1.3600-1.3700

Euro                 1.4700-1.4800

Sterling            1.7450-1.7550

WTI Oil (opening level) $81.78

The US Dollar index is unchanged this morning as the Euro stabilized after the French elections on the weekends and the US market gets ready for Fed chair Powell's testimony to Congress later today and tomorrow. The Dollar should remain steady as the market looks for any hints from Powell of when the first interest rate cut hits the market, right now it looks like it won't be until December but that can change quickly if the market data changes.

 The Canadian Dollar is also unchanged this morning as USD.CAD opens the day near the 1.3650 (0.7326) level and most likely will continue to range trade throughout the day.

 Stocks continue to set new records with the NASDAQ and S&P 500 both hitting new highs driven by the valuation of AI related stocks. The Dollar will remain steady until we hear from Powell later this morning but if he hints at early rate cuts then the Dollar will retreat and stocks should surge, just the opposite if he says it will be a while before we see an interest rate cut.