USD index is lower ahead of the US GDP report

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

US Dollar             1.2450-1.2550

Euro                     1.3850-1.3950

Sterling                1.6400-1.6500

USD.RUB (opening level) 83.25

WTI (opening level) $107.00 (Down slightly from yesterday's opening)

The US Dollar index is marginally lower this morning and the Euro and Pound are slightly higher as markets are hopeful that Russian claims they are reducing their attacks amid peace talks in Turkey will bring an end to the war. We will see what happens in the coming days but so far there is no signs that they are slowing down in their bombardment of Ukrainian cities.

The Canadian Dollar has held onto its strength against the US Dollar overnight but has lost a little ground to the other currencies. The oil price continues to fall back as the lockdown in China and the hopes of a peace deal seem to have put pressure on demand resulting in a lower price.

Up today the market will be watching the final GDP report for the US fourth quarter, markets are expecting a growth level of 7.1% which is inline with previous estimates and should enable the Federal Reserve to continue to increase interest rates at their next meeting.