USD rises dramatically as we continue to experience a global spike in Covid-19 cases

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

US Dollar         1.3200-1.3300

Euro                 1.5550-1.5650

Sterling            1.7150-1.7250

The US Dollar index is again much higher as the the virus continues to grow and any hopes of a US stimulus plan ahead of the election seems to have faded. Global investors seem to be pairing back their investments ahead of next Tuesday's US elections as they will want to see that the final results are confirmed quickly and will not need to be looked at by the Supreme Court regardless of who wins.

The Canadian Dollar has bourn a lot of the brunt of the stronger US Dollar this morning as USD.CAD opens the day at the 1.3265 (0.7539) level, its highest level since the beginning of the month. It is not all doom and gloom for the Loonie as it was able to hold its own against the Euro and Pound, both of those areas have expanding virus cases and markets have also punished their currencies against the US Dollar.

A busy day on the calendar today with the Bank of Canada interest rate decision and Monetary Policy Report. There is no expectation that the Bank will change their current interest rate policy but Canadian markets will be watching closely on what they say about the Canadian economy and what they plan to do if the Government is forced to shut down the economy once again. Either way we should see enhanced Canadian Dollar volatility around the announcement so the rate may be very different tomorrow from what it is now.