Western currencies are still under pressure because of the rise of the US dollar

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

US Dollar         1.3550-1.3650

Euro                 1.4350-1.4450

Sterling            1.6250-1.6350

WTI Oil (opening level) $75.90

The US Dollar index is again stronger this morning which will mark the fourth consecutive week of gains for the US Dollar index. The Greenback continues to benefit from the expectation that the Federal Reserve will continue to increase interest rates in its battle with inflation. Despite the higher interest rates the US Labour market remains robust and the economy is hanging tough in the face of inflation that is proving difficult to bring under control and get back to the 2% range.

The Canadian Dollar like other Western currencies remains under pressure as USD.CAD has again moved higher and opens the day near the 1.3600 (0.7353) level. The Loonie has held its ground against the other currencies so overall it is not doing that bad.

Stocks continue their up and down pattern as they are pointing lower on the opening, investors will be watching some secondary inflation data out of the US today which if it runs hot will push the US Dollar higher.