The US dollar slightly increased today because of the decelerating of Tech Giants businesses

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

US Dollar        1.3300-1.3400

Euro                1.4550-1.4650

Sterling           1.6300-1.6400

WTI Oil (opening level) $76.00

The US Dollar Index is marginally higher this morning in what was a quiet overnight session. The Dollar got a boost from reports that some of the biggest tech companies (Apple, Google and Amazon) all show their business slowed in the fourth quarter of last year leading investors to sell off their stocks and push the equity market lower.

The Greenback got its biggest gain against the Pound which continues to drop on the hints from the Bank of England that they may have finished with their interest rate hikes despite inflation remaining high. The ECB is still looking at half a percentage rate hikes and the Fed is still looking at several 0.25% increases so it is easy to see why the Pound will trade weaker.

Yesterday the Canadian Dollar gave back some of it’s strength from Wednesday as USD.CAD moved higher throughout the day and settled in near the 1.3350 (0.7491) level where it awaits the results from the US January Employment report.

All markets will be watching to see if the pace of job creation in the US continues to slow, the market is expected to have created 186K new jobs last month which would be the fourth straight month of steady declines in the pace of hiring and will be a good sign that a recession is looming.