Japanese Yen, Swiss Franc and American Dollar continue to be safe-haven currencies for investors

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

US Dollar             1.2800-1.2900

Euro                     1.3750-1.3850

Sterling                1.6750-1.6850

USD.RUB (opening level) 137.00-(Ruble weakened off to a new all time low of 140.55 at one point overnight)

WTI (opening level) $122.36- (WTI Oil gave back a little overnight but pressure remains high)

The US Dollar index is marginally weaker this morning but still remains strong. The Euro after five tough days recovered a bit which is surprising as Russia has threated to cut-off natural gas supplies to the region in response to Western sanctions. The Greenback, Swiss Franc and Japanese Yen continues to be the safe-haven currencies of choice for investors as runaway commodity prices and high inflation threaten the global recovery from COVID 19.

The Canadian Dollar finally lost some ground yesterday despite the rising price for commodities. USD.CAD opens the day above the 1.2800 (0.7813) level for the first time in a few sessions, I will be interested to see if the runaway commodity market is enough for the Loonie to pull back these losses in the days ahead.

After the worst day since 2020 on the stock markets, the Dow Jones is pointing a little higher on the opening but I would not expect much of a rebound, investors who were looking to buy cheap stocks so far are being punished and there is no reason to expect that the drop will not continue. All these events will keep the US Dollar strong.