Canadian dollar takes advantage of the growing oil price

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

US Dollar             1.2600-1.2700

Euro                     1.3950-1.4050

Sterling                1.6900-1.7000

USD.RUB (opening level) 100.00 (recovered during the overnight session some of the ground lost yesterday)

WTI Opening level $113.62(Up $4 from yesterday's opening)

The US Dollar index is marginally higher this morning as the Euro took most of the brunt of the stronger dollar. The Ruble continues to be the most volatile currency in the world at the moment as the Central Bank in Russia continues to try and support the Russian economy from collapse, overnight several bong rating agencies downgraded Russian sovereign debt to junk status which makes it virtually worthless. Let us all hope that the negotiations that are ongoing today will bear some results.

The Canadian Dollar was able to pick up some further gains as a result of another jump in the WTI oil price and the Bank of Canada announcing as expected the first of a series of interest rate hikes for this year. The Central Bank increased their key rate from 0.25% to 0.5% and indicated there most likely will be another rate hike in June. Governor Tiff Macklin has a speech today so market watchers will be listening for his thoughts on future rate hikes and also what he thinks the situation in Ukraine will have on the Canadian and Global economies.

Overnight stock markets were all lower so I would imagine that North America will follow suit. The Biden Administration is considering banning imports of Russian oil and Natural Gas and the world continues to look at isolating Russia even further, stock and currency markets will continue to watch closely the developments of the day to get their direction.