The USD continues to gain advantages against the JPY due to the Bank of Japan's decision to stick to ultra-low rate policy

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

US Dollar         1.3200-1.3300

Euro                 1.4450-1.4550

Sterling            1.6750-1.6850

WTI Oil (opening level) $69.75

The US Dollar index is marginally weaker this morning after it had a positive day yesterday but for the most part the Greenback remains trading in tight ranges. The Dollar got a small boost from comments made yesterday by Fed Chair Powell where he said there would likely be two more interest rate hikes this year and he did not rule out a hike at their next meeting in July. At the same meeting the Governor of the Bank of Japan reaffirmed its commitment to lower interest rates so the US Dollar continues to make significant gains against the Japanese Yen.

The Canadian Dollar had a quiet night and continues to range trade between the 1.3200 (0.7576) and 1.3300 (0.7519) levels. The Loonie should remain range bound through the Canada Day holiday but we do get the Bank of Canada Business Outlook survey tomorrow to close out the month, if they have a negative view on the economy then we may see the Loonie lose a little ground.

Up today we get the final reading of 2nd quarter US GDP and it is expected to show that growth slowed in the 2nd quarter but is still positive and the US economy so far is avoiding a recession. Stocks don't seem worried as after a strong day yesterday the market is pointing some 100 points higher on the opening so the Dollar should remain supported throughout the day.