US Dollar and Canadian Dollar Hold Steady as Markets Await Key Data

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

US Dollar        1.3450-1.3550

Euro                 1.5000-1.5100

Sterling            1.7800-1.7900

WTI Oil (opening level) $76.59

The US Dollar index is for the most part unchanged this morning in a quiet overnight session. Traders are now awaiting data that may help them understand how much the Fed will cut interest rates next month. This week (Thursday ) we get the US GDP report which should help traders understand the current state of the US economy, if it is a poor number then the Fed may look to cut interest rates by half a point which would push the Dollar much lower.

The Canadian Dollar is also quiet at the moment, it is managing to hold onto its recent strength as it opens the day near the 1.3475 (0.7421) level, it was able to pick up a little strength against the Euro overnight so overall the Loonie is performing quite well at the moment but its future value will depend on what the Fed and the Bank of Canada do next month.

The Calendar is quiet again today, we do get some wholesale data out of Canada today but it won't move the needle on the Loonie. Stocks had a positive day yesterday but they do seem to be losing some of their steam, tomorrow we start to get some big tech company reports and if they disappoint we may see a big drop in stocks and some recovery in the Dollar