Market Highlights: Record US Stocks, Euro Weakness, Gold Drop, and Bitcoin's Climb

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

US Dollar        1.3850-1.4050

Euro                 1.4720-1.4910

Sterling            1.7770-1.7960

WTI Oil (opening level) $69.07

The CAD is opening at 1.3936 ( 0.7176)

Key points happening in the market. Equities - US stocks hit record highs, Asia mixed, Europe rebounds. High call volumes reflect bullish sentiment. Currencies- Euro remains weak on German political concerns, Chinese yuan lower on Trump tariff concerns. Commodities - precious metals plunge, with gold near $2600 level.

Since the USA election the world has experienced a tremendous surge in USD strength. For now that move is holding in place. But the next round of employment numbers out the USA will not be helpful in maintaining these levels. The high employment numbers over the last few months are likely to drop off significantly, since those numbers were inflated by government hires in the USA. Now that the election is over and Harris lost, those jobs will go away and the unemployment numbers will be higher in the coming months. This will likely be looked back as a great selling opportunity for the CAD at 1.39

Bitcoin continued to move towards $100,000 as it touched $89,982 over night. This is a volatile commodity and is not for the faint of heart. But it is fascinating to watch.

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