USD index lost some strength over the weekend

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

US Dollar         1.2500-1.2600

Euro                 1.4900-1.5000

Sterling            1.7200-1.7300

The US Dollar Index is marginally weaker to start the new trading week in what was a quiet overnight session. Fed Chair Jerome Powell said on the weekend that the US economy is at an "infliction point" in its recovery as there are still risks to the economy. Tomorrow's US inflation numbers could go a long way to tell investors what is going to happen in the coming weeks with interest rates in the US.

There is nothing new to add on the Canadian Dollar as it continues to range trade with USD.CAD opening the new week at the 1.2535 (0.7978) level. The Loonie was able to pick up some small gains overnight against most currencies but once again the Canadian Dollar continues to range trade with little sign of a major breakout in either direction. We do get the quarterly Bank of Canada Business Outlook survey released this morning so we will be able to get a reading on their outlook for the Canadian economy going forward.