US Dollar Index has gained 5% in April

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

US Dollar             1.2850-1.2950

Euro                     1.3500-1.3600

Sterling                1.6150-1.6250

WTI Oil (opening level) $101.40 (Oil price is down $5 from Friday's opening level)

The US Dollar Index (DXY) is stronger to start the new trading week and in fact the DXY ended up rising some 5% in the month of April, its strongest rise since 2015. It was a holiday in Asia overnight so most stock markets were quiet to start the month and a lot of European stocks markets are closed for the May Bank Holiday, I would expect the US Dollar to remain steady ahead of the Federal Reserve interest rate announcement on Wednesday.

The Canadian Dollar lost ground to the most currencies on Friday as USD.CAD rose to trade above the 1.2870 (0.7770) level for the first time in a few weeks, the Loonie also lost some ground to the other currencies so the Canadian Dollar starts the week trading with a weaker bias. Each time over the past few weeks the USD.CAD exchange pair rose to these levels it was able to rebound lower so we will see what happens this time.

US Stocks are pointing higher after a very tough day on Frida, the US Dollar may give back some small gains but for the most part markets should remain calm and will await the update from the Fed on Wednesday.