American economic numbers show that the economy is expected to narrowly dodge a recession

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

US Dollar         1.3200-1.3300

Euro                1.4500-1.4600

Sterling           1.6950-1.7050

WTI Oil (opening level) $79.89

The US Dollar index is marginally stronger this morning despite the Fed on Wednesday saying after their 0.25% interest rate hike that the cycle of interest rate hikes may be coming to an end. Further strong economic reports have given confidence that the US economy is going to avoid a recession even with interest rates at a multi-year high. It is the opposite state of affairs in Europe who also raised interest rates yesterday but economic forecasts indicate the higher rates in Europe is dragging the EU economy towards recession which could be a drag on the Euro.

The Canadian Dollar lost some ground over the last couple off days to the US Dollar but it was able to pick up some small gains against the other currencies' so the Loonie is stable for the moment. Up today we get the Canadian GDP report where it is expected that the economy grew by 0.4% in May after flat growth in April. It looks for the moment that Canada may also fight off a recession but it still could go either way so the Loonie may remain vulnerable.

Stocks had a tough day yesterday but look to have a small rebound on the opening this morning so the Dollar might give back some small amounts of strength, overall, it should be a quiet day heading into the weekend.