Stocks point higher as Pfizer vaccine gets full approval from the FDA

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

US Dollar             1.2600-1.2700

Euro                     1.4800-1.4900

Sterling                1.7300-1.7400

The US Dollar Index is unchanged this morning in a quiet overnight session, the Greenback continues to trade with a weak bias as markets await the speech from Fed Chair Powell later in the week. Stocks got a boost yesterday on the news that the Pfizer vaccine which had been allowed under an emergency order received full approval from the FDA and it is hoped that this will lead more Americans to get vaccinated. The Delta variant continues to rage on brining into question the global recovery.

The Canadian Dollar continued its rally yesterday and overnight as USD.CAD opens the day at the 1.2620 (0.7924) level, the currency pairs lowest level in the past few sessions. Commodity prices are benefitting from the lower US Dollar but also from an oil price that saw the price of a barrel of oil jump over 6% yesterday. I would not expect the Loonie to jump much more this week ahead of Powell's speech but we may see it continue with this recent momentum and attempt a break below the 1.2600 (0.7937) level at some point today.