USD index skyrockets as the U.S. market resumes trading

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

US Dollar             1.2950-1.3050

Euro                     1.3300-1.3400

Sterling                1.5500-1.5600

WTI Oil (opening level) $108.20

The US Dollar Index is much higher this morning as the US market resumes activity after the holiday weekend. Global stock markets are all lower this morning and the Greenback has surged as investors again fly to safe haven investments in the face of concerns about a global slowdown brought on by higher interest rates. EUR.USD has fallen from a high of 1.0440 to trade at 1.0285, GBP.USD has fallen from a high of 1.2120 to trade at 1.1985 and the Japanese Yen hit a 24 year low against the Dollar. 

The Canadian Dollar has not been spared the carnage from last night as USD.CAD has jumped this morning to trade at 1.2990 (0.7698) after trading at 1.2840 (0.7788) yesterday. It is not all bad news for the Loonie as it was able to outperform the Euro and Pound against the US Dollar so both EUR.CAD and GBP.CAD are a bit lower this morning. It looks at the moment that USD.CAD will take another strong run at the 1.3000 (0.7692) at some point today.

Nothing of note on the calendar today, US Stocks are looking to play catch-up this morning as the Dow is pointing much lower (down 300 at this point) on the opening which should result in further US Dollar strength.