Canadian Dollar appreciated after the September Employment report had been revealed

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

US Dollar         1.3100-1.3200

Euro                 1.5500-1.5600

Sterling            1.7000-1.7100

The US Dollar index is marginally weaker this morning as the Trump White House has once again reversed course and now wants a broad based stimulus plan before the next election. It appears from the outside that the White House is in complete disarray and markets may now be questioning Trumps mental capacity, markets seem to have priced in a Biden Presidency especially if there will not be any debates going forward due to Trump's COVID-19 diagnosis. It is unlikely that a stimulus plan will make it to the President's desk before the election but markets should stay strong as long as the two sides are talking.

The Canadian Dollar is much stronger this morning as the September Employment report came in much better than expected, the economy created 378K new jobs where only 150K were expected and the unemployment rate fell to 9.0% after it was expected to only fall to 9.8%. As I write USD.CAD trades at 1.3160 (0.7598) after reaching a high of 1.3265 (0.7539) yesterday so a great 24 hours for the Canadian Dollar. The Loonie is also benefitting from a jump in the oil price as over 90% of production capacity in the Gulf region has shutdown due to approaching Hurricane Delta. It once again remains to be seen if the Loonie can go on an extended run but for now it is nice to see some positive news coming out of Canada.