Traders await the US May employment report

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

US Dollar         1.2050-1.2150

Euro                 1.4675-1.4775

Sterling            1.7050-1.7150

The US Dollar Index is marginally higher this morning but in what was a very quiet overnight session. Currency traders continue to watch the economic news out of the States to see how the recovery is progressing and to see what effect a quicker than anticipated recovery has on US interest rates. Traders are lined up know waiting to see what tomorrow's May employment report will bring, a very strong number should send markets into a frenzy and start moving the Greenback higher.

The Canadian Dollar is basically unchanged from yesterday as USD.CAD opens the day at the 1.2070 (0.8285) as the currency pair bounces around in its recent ranges, it did take a break lower last night but once again the Loonie could not extend those gains. I think the Canadian market will remain quiet today as Canadian Dollar traders will also have the Canadian May Employment report tomorrow to deal with so USD.CAD should remain range bound throughout the day.