Stock markets around the world are staying focused on vaccine related news

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

US Dollar         1.3150-1.3250

Euro                 1.5500-1.5600

Sterling            1.7250-1.7350

The US Dollar index is mixed this morning as it was weaker in early European trading but recovered somewhat as North America opened this morning. All-in-all it was not an overly busy night as the markets are still focusing on vaccine related news in the face of a growing virus count around the globe and especially in the US where hospitalization rates are fast approaching the levels last seen in the Spring.

Trump's campaign to change the result of the election seem to be fading as more Republicans are coming out and saying that President-Elect Biden should have access to national defense briefings ahead of the transition. To me this is the time that Trump will be most dangerous as he can do severe damage to the economy and US foreign policy before he leaves, he has basically abdicated any efforts to stem the spread of the virus and if he does more damage in other areas markets will react and push stocks much lower.

The Canadian Dollar continues to give back recent gains as USD.CAD opens the day at the 1.3165 (0.7596) level as it continues to get whipped around by events South of the border. The Loonie is also weaker against European currencies this morning so clearly the shine is off the Loonie at the moment.

Nothing of note on the calendar to close out the week, look for stock markets to open a bit higher but they will be closely watching virus activity and any vaccine news. If by change we get any negative vaccine news in the coming days then stocks will get crushed and the Loonie will weaken immensely so keep that in mind if you need to buy any US Dollars in the coming days.