Markets react to the election race results

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

US Dollar             1.3400-1.3500

Euro                     1.3450-1.3550

Sterling                1.5350-1.5450

WTI Oil (opening level) $88.00

The US Dollar index is for the most part unchanged this morning as it looks like the Republicans will gain control of the house of Representatives and the Senate race remains undecided and will most likely need a runoff in Georgia. I think the Democrats have to be pleased with this result as the prediction of a red wave never materialized and quite a few of Trump republicans did not win. Stocks are marginally lower this morning as the dollar is flat so for the most part, I think it will be business as usual for the markets going forward and any movement will depend on the health of the economy.

The Canadian Dollar has held onto gains from earlier in the week with USD.CAD opening the day near the 1.3450 (0.7435) level. It remains to be seen if the Loonie can pull out any further short-term gains but for now our Dollar should remain stable.

Nothing of note on the calendar today, stocks are pointing lower to start the day so the US Dollar may find some early support. Markets will get set for another busy day tomorrow as the US inflation report for October is set to be released.