Markets are quietly waiting for the FED Chair interview in Congress

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

US Dollar             1.2600-1.2700

Euro                     1.4300-1.4400

Sterling                1.7125-1.7225

The US Dollar index is unchanged in what was a quiet overnight market. All eyes will be on the Fed Chair Powell as he is set to be interviewed by Congress on his confirmation bid for a second term. Market watchers will be keying in on any statements that he makes about inflation and possible interest rate increases this year.

The Canadian Dollar is also unchanged this morning as I did not have to adjust any of the ranges from yesterday's commentary. The Canadian Dollar continues to be at the mercy of the US Dollar so we may see some movement today if Powell drops any hints of their first interest rate hikes.

In other interesting news negotiations to avert a possible Russian invasion of Ukraine continue and the US Senate is set to vote on possible sanctions on the Nord Stream Pipeline from Russia to Germany. The Democrats in the Senate oppose this action so it is unlikely to pass but any talk of sanctions may rile the markets as they are sure to upset the Russians.