US Dollar index continues to dive

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

US Dollar         1.2800-1.2900

Euro                 1.5550-1.5650

Sterling            1.7250-1.7350

The US Dollar index is again weaker this morning as the markets react to this morning's Employment reports. In the US, employment increased by some 245K new jobs but that came in less than expected with the unemployment rate improving to 6.7% up from 6.9%. The increase in the virus cases and the increasing lockdowns should push the unemployment number higher in the coming weeks, lets hope that Congress can get the stimulus bill passed to help these people.

In Canada, The Loonie has continued to take advantage of the weak US Dollar and USD.CAD opens the day as I write at 1.2830 (0.7794) level again a two-year high for the Loonie. In Canada the economy created 62K new jobs last month which was much better than the expectation of 20K, as a result the Loonie is on a great run this morning against all currencies so lets see if it can keep moving forward.