American dollar continues to climb higher

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

US Dollar             1.3150-1.3250

Euro                     1.3100-1.3200

Sterling                1.5100-1.5200

WTI Oil (opening level) $87.20

The US Dollar index is marginally stronger this morning as markets calmed down yesterday after Tuesday's carnage from the higher than expected US inflation numbers,  stocks ended up the day a little higher yesterday but overnight markets were lower so the Dollar may garner a little more strength if North American stocks go back into the red today  Markets will now await next month's US Federal Reserve interest rate meeting and as I mentioned yesterday the question that will be answered is will they increase interest rates by 0.75% or a full percentage point?

The Canadian Dollar made some small gains yesterday but not enough to get excited about, at the moment USD.CAD is at the 1.3190 (0.7582) and just range trading awaiting the next move from the US Dollar.

Up today markets will be looking at the US Retail Sales report for August and the number is expected to be flat showing that the US Consumer is not spending as much as they did in the past. A big drop could signal a further decline in today's stock market trading and a small boost for the Dollar. Markets will also be watching the meeting between Putin and Xi to see just how close the two countries are to working together, if they see that China is further supporting the war in Ukraine then markets may get nervous and start to fall again.