Canadian dollar picked up some gains against the major currencies

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

US Dollar             1.3450-1.3550

Euro                     1.4350-1.4450

Sterling                1.6300-1.6400

WTI Oil (opening level) $79.15

Just a quick Christmas week update as the US Dollar index has traded a little weaker over the last few sessions in very quiet markets. The most interesting news is the re-opening of the Chinese economy amid an uptick in COVID cases and the expectation that may fuel global growth but at the same time put higher pressure on inflation.

The Canadian Dollar has been able to pick up a little strength over the last few days, USD.CAD has fallen to 1.3500 (07407) so the rate is down about 100 points from its pre-Christmas levels. I doubt it is anything to get excited about as we have seen the Loonie range trade in the past and I would expect this to continue into the New Year.

US Stocks had a strong day yesterday and they are again pointing higher on today's opening, the TSX should also be a little higher as it resumes trading and has room to catch up. Look for USD.CAD to stay close to the 1.3500 level as the week winds on.