Rising stocks continue pushing the US Dollar index downwards

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

US Dollar         1.2975-1.3075

Euro                 1.5450-1.5550

Sterling            1.7300-1.7400

The US Dollar index is marginally weaker this morning in light holiday trading conditions as global stock markets continue to move forward on the expectation that once the Biden team takes office there will be a large stimulus program put in place.

In Europe, the Euro could start to come under strain as there is still ongoing Brexit negotiations that are taking place and the ECB is indicating that the economy is coming under strain in the face of disagreement among the member states on a new spending bill designed to combat the effect of the virus spread on the economy.

USD.CAD opens the day near the bottom of the 1.3000-1.3100 range so the Loonie was able to make some small gains throughout the week but once again these gains can quickly be diminished by events in the US. Going forward, I will be paying close attention to the fact that since the Government has come clean with the announcement that Canada has no vaccine production facilities which will result in delays to the rollout of a vaccine here in the country, a situation which in the long-run could significantly delay the start of the economic recovery and drive the Loonie lower.

Nothing on the calendar for today so look for limited movement in the currency market as the US banks are operating at half staff for the Thanksgiving holiday, markets will return to normal on Monday.