American dollar lost 5% of its value in November

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

US Dollar             1.3350-1.3450

Euro                     1.4150-1.4250

Sterling                1.6450-1.6550

WTI Oil (opening level) $82.13

The US Dollar index is again weaker this morning as the stronger than expected US jobs report on Friday and the announcement out of China of the lifting of a lot of COVID restrictions have continued the recent slide of the US Dollar, in fact the Dollar index slid 5% during November which is the largest monthly decline since November 2010. The fact that the Federal Reserve will slow the pace of their interest rate hikes has had a dramatic effect on the Greenback.

The Canadian Dollar continues to struggle to pick up gains against the US Dollar despite the Greenback's overall weakness and also despite a strong November Employment report as well that created just over 10K new jobs last month and saw a big increase in full-time employment. USD.CAD opens the day at the 1.3410 (0.7457) level and while it is stronger than Friday's close the Loonie is still losing ground to the other currencies which are appreciating faster against the US Dollar. Perhaps the Loonie will get a boost on Wednesday when the Bank of Canada is expected to announce another 0.50% interest rate hike to close out the year.

Global stocks were all lower this morning and North American stocks will all be lower on the opening after a strong week previous. The US Dollar should remain trading with an overall weaker bias and hopefully the Loonie can pick up some gains after Wednesday's announcement.