Negotiations on the stimulus package for the US economy keep stock markets contented

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

US Dollar         1.3100-1.3200

Euro                 1.5450-1.5550

Sterling            1.7100-1.7200

The US Dollar index is higher this morning as the markets were buoyed by hopes that a new stimulus package for the US economy could be agreed upon by tomorrow so that it could be put in place by Congress before the election. I think any large package will have a tough time getting through the Senate but if Trump is throwing in the towel he may try and take a few Republicans down with him if they don't give him the package that he wants. Right now stocks are pointing 200 points higher thus so far they like the news.

The EU and UK are meeting again to try and keep Brexit talks on the rail as Johnson said they were over on the weekend. It is a big game of chicken right down to the end so we shall see if they can get a deal done. Right now Sterling is doing quite well but if they finally come out and say that they are moving ahead with a No-Deal Brexit then you will see Sterling take a big hit.

The Canadian Dollar is stronger this morning as USD.CAD opens the day at 1.3170 (0.7593) down from the overnight high of 1.3190 (0.7582). Once again there is nothing domestically happening that is influencing the Canadian Dollar at the moment, our dollar is still trading at the mercy of the US Dollar and looking for a sense of direction, it will most likely remain that way until the election is over.

The Calendar is quiet today with the exception that we have the Federal Reserve Chair speaking on the economy and the Bank of Canada providing their Business Outlook Survey results which will give us a window into what they are thinking about the Canadian economy.