Financial markets remain quiet ahead of tomorrow's U.S. Inflation data

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

US Dollar             1.2800-1.2900

Euro                     1.3100-1.3200

Sterling                1.5500-1.5600

WTI Oil (opening level) $91.70

The US Dollar index is marginally weaker this morning as the markets are waiting to see what tomorrow's US July inflation reading shows, ahead of this report investors are taking a wait and see attitude before they push the dollar in either direction.

The Canadian Dollar was able to make some small gains yesterday and hold onto those gains into the overnight session, but as we have seen in the past these small gains are nothing to get excited about and any longer-term direction in the Loonie will continue to depend on what the US Dollar does.

Stocks are all lower overnight and US markets are pointing lower on the opening this morning, markets should remain calm today before they digest the inflation report tomorrow so look for the US and Canadian Dollars to remain steady ahead of that report. Anybody that needs to do something in the short-term should look at today as the day to do a transaction as tomorrow we may see a lot of enhanced volatility in the markets.