The Turkish Lira declined to a new historic minimum in anticipation of the presidential vote outcome

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

US Dollar         1.3450-1.3550

Euro                 1.4650-1.4750

Sterling            1.6850-1.6950

WTI Oil (opening level) $70.51

The US Dollar index is marginally weaker this morning as the market continues to wait and see if there is any resolution to the US debt crisis this week, talks are scheduled tomorrow between President Biden and the Republicans but it is not certain that there will be an agreement so the markets remain in flux. The big currency mover overnight was the Turkish Lira which dropped to a new historic low as the country awaits the final results of the Presidential election which may lead to a run-off election in a few weeks and create uncertainty with the Turkish economy.

The Canadian Dollar was able to make some small gains against the US Dollar overnight but USD.CAD which opens the day near the 1.3500 (0.7407) still continues to trade in narrow ranges for the moment. The Loonie will be front and centre tomorrow as we get the April inflation report and it is expected to show that inflation continues to moderate in Canada which should keep the Bank of Canada on the sidelines when it comes to interest rate hikes.

Nothing of note on the calendar for today, overnight stocks were higher and it looks like North American stocks will be stronger on the opening, for the most part currencies should remain range bound while the markets await word on the debt negotiations.