Investors see CAD coming under the pressure as oil prices drop

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

US Dollar             1.2450-1.2550

Euro                     1.3775-1.3875

Sterling                1.6375-1.6475

USD.RUB (opening level) 82.84

WTI (opening level) $99.16(Down $7 from yesterday's opening)

The US Dollar index is marginally stronger this morning as the prospects of a ceasefire seem to be nothing more than Russian rhetoric, once again you cannot believe anything the Russians report. What will be of interest next week is what happens with the demand that Europe pay for energy imports from Russia with Rubles, the Ruble is a little stronger this morning and if Europe caves to the pressure then you will see a big jump in the value of the Ruble. If they don't follow on then you will see natural gas rationing in Europe and a big jump in commodity prices.

The Canadian Dollar is stable this morning against the US Dollar but did pick up some small gains against the other currencies. The oil price is coming under pressure the past few days so if it continues to fall then you could see the Loonie come under pressure as well.

Markets today will be watching the US release of the March Employment report, the market is expecting close to 500K new jobs to have been created last month. If it is a strong number then I think the Federal Reserve will have a path to increase interest rates 0.5% at their next meeting which should push the US Dollar higher.