USD index rises as China reports weak economic numbers

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

US Dollar             1.2500-1.2600

Euro                     1.4750-1.4850

Sterling                1.7375-1.7475

The US Dollar Index is stronger this morning but that is after it weakened on Friday after a report showed that consumer sentiment in the US was not as optimistic about the recovery as they had been in the past few months. Overnight the Greenback recovered a little as China reported some weaker than expected economic numbers, A lot of Asia is seeing record virus numbers as the Delta variant spreads rapidly, we may yet be seeing the worst that this virus has to offer. In the US there are reports that we could soon be seeing 200k new cases a day which will continue to overload the US health care system.

The Canadian Dollar remains range bound against the US Dollar with USD.CAD opening the day at the 1.2550 (0.7968) level, the Loonie has lost some considerable ground to the other currencies as both EUR.CAD and GBP.CAD are much higher, both the Euro and Pound made significant gains on Friday against the US Dollar.

A busy week on the calendar as we have the Canadian election kicking off, inflation data out of Canada and the US Federal Reserve meeting minutes are all being released later in the week. Asian stock markets all traded lower overnight and North American markets look like they will follow suit, we could be in for a few rough days ahead.