Japanese Yen falls to a 6-year low against the American Dollar

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

US Dollar             1.2450-1.2550

Euro                     1.3700-1.3800

Sterling                1.6350-1.6450

USD.RUB (opening level) 98.03(The Ruble seems to be settling in around the 100 level for the time being)

WTI (opening level) $108.35(Down over $2 from Friday's opening)

The US Dollar index is marginally stronger this morning but only really against the Yen as that currency had one of its biggest single day drops, falling to a 6-year low against the US Dollar. In Japan, the Central Bank has taken the view that unlike other countries it will fight higher interest rates and as they announced this morning they will buy an unlimited amount of bonds from the market, this will have the effect of driving bond prices higher in Japan which will reduce the yields. It will also mean that Japan will not try and fight inflation lime other central banks.

The Canadian Dollar continues to move forward as it has over the last few sessions, USD,CAD opens the day below the 1.2500 (0.8000) and also picked up some gains against the Euro and Pound.

It looks to be another quiet day on the markets in North America with stocks point slightly higher to open after Friday's gains. Talks to end the war in Ukraine are ongoing but there really is not any positive news, the Biden administration continues to walk back his comment about getting Putin out of power so that may rattle the markets if Russia reacts to the comments. The Loonie should remain stable for the time being but given its current trajectory I would not be surprised if it tests the 1.2450 (0.8032) level at some point today.