Canadian dollar starts the week on a positive note

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

US Dollar             1.2675-1.2775

Euro                     1.4500-1.4600

Sterling                1.7150-1.7250

The US Dollar index is marginally stronger this morning in a quiet overnight session to start the new trading week. The Dollar picked up some gains after Friday's stronger than expected employment report and also picked up some gains this morning against the Euro as ECB officials stated that there would not be any European interest rate hikes before July.

The Canadian Dollar has held in quite well after Friday's disappointing employment report that saw the country lose over 200K jobs last month. A negative report was expected as the country again entered lockdown in January but the actual number was a little higher than expectation. Overnight the Loonie actually picked up some strength against most currencies so it is a positive start to the week for our dollar.

It is a quiet week on the calendar with the US inflation report on Thursday being the highlight, today French President Macron heads to Moscow for discussion with President Putin on Ukraine, the markets will be watching to see if there is any progress towards peace made. A positive outcome would push stock markets higher and push the Greenback lower.