USD.CAD continues to range trade in narrow ranges

Today's expected range for the Canadian Dollar against the US Dollar is 1.3125-1.3225

Today's expected range for the Canadian Dollar against the Euro 1.5600- 1.5700

Today's expected range for the Canadian Dollar against Sterling is 1.6950-1.7050

The US Dollar index is unchanged this morning as most currency pairs are trading in tight ranges ahead of today's Federal Reserve announcement on interest rates. This will be the first meeting since Fed Chair Powell announced at the Jackson Hole Symposium that the Fed will keep interest rates low and take a more relaxed view on inflation. If he reaffirms this stance today which most people think he will then look for the US Dollar to remain weak.

USD.CAD continues to range trade in narrow ranges as the currency pair opens the day at the 1.3165 (0.7596) level. We most likely won't see any action for the Loonie until after the Fed announcement where we should see a little strength is the Canadian Dollar if the Fed does indicate that the plan is to keep interest rates low for an extended period.

In addition to the Fed we also get the US Retail Sales report for August which will give a further reading on the state of the US recovery and we also get the Canadian inflation report for August where the market is expecting a slight increase in inflation but still well below the Bank of Canada's 2% target rate.