US Dollar index weakens as stock markets positively react to vaccine-related news

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

US Dollar         1.3000-1.3100

Euro                 1.5500-1.5600

Sterling            1.7400-1.7500

The US Dollar index is weaker this morning as stock markets continue to move forward on positive vaccine news around the globe. Ahead of the opening the Dow Jones is pointing some 170 points higher as I write and should pass the 2018 highs at some point today if it continues to jump. Markets are also buoyed by the fact that the Trump administration seem to be stalling out in its legal attempts to change the election, he continues to try and have States change their electoral College votes but that is a long shot at best.

USD.CAD opens the week at the 1.3050 (0.7662) level down from the overnight high of 1.3095 (0.7637) so not an overly great night for the Loonie against its Southern neighbour as it continues to range trade against the US. The Loonie lost considerable ground to the European countries as both EUR.CAD and GBP.CAD are considerably higher this morning so I would say it was not the best of starts to the week for the Loonie.

It is a slow week on the calendar this time of month as the US gets ready to shut-down for the US Thanksgiving holiday, it will be very interesting this year to see if the holiday turns in the virus super-spreader event that we have seen here in Canada around our thanksgiving holiday.