Canadian Dollar opens much stronger this morning while the world is waiting for the next US president to be elected

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

US Dollar         1.3100-1.3200

Euro                 1.5350-1.5450

Sterling            1.7000-1.7100

The US Dollar index is weaker this morning as investors around the globe get ready for the results from tonight's US Presidential election. In a positive sign stocks around the world had a strong day yesterday and looked set to move higher again today on the North American opening so markets appear calm before the vote counting starts. I think what they will want to see is a clear and definitive result early on and they can get about their business, if the result is called into question and there will be court challenges then I think you will see the markets drop off and the US Dollar will jump quite a bit.

The Canadian Dollar is quite a bit stronger this morning as USD.CAD opens the day at the 1.3150 (0.7605) level which is its best level in a week. It is not just against the US Dollar that the Loonie has made some gains but the Canadian Dollar is also stronger against the other currencies as well so overall a great night for the Loonie. I believe the best result for the Canadian Dollar would be the so-called "Blue Wave" which would see the Democrats sweep the congress and the Presidency. Either way the rest of the week should be very volatile especially if the results are disputed and the winner not declared for a number of days or weeks so make sure you watch the Dollar closely and make the volatility work for you.