Currency traders took a pause and await FED’s word on interest rate policy

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

US Dollar         1.3450-1.3550

Euro                 1.4700-1.4800

Sterling            1.7200-1.7300

WTI Oil (opening level) $79.64

The US Dollar index is marginally stronger this morning in what was a quiet overnight session. Most bond and currency traders have taken a step back for the moment as they await Fed Chair Powell's speech at the Jackson Hole symposium later this week. For the immediate short-term the US Dollar should remain supported and US interest rates relatively high as the market awaits word on what is happening with the Fed.

The Canadian Dollar also had a quiet night, USD.CAD briefly fell early to 1.3500 (0.7407) before pulling back a little higher throughout the overnight session. The Loonie should remain range bound until we see some significant movement from the US Dollar.

Again, nothing of significance on the economic calendar today, stocks after a slightly down day yesterday are poised for a small gain on the opening but will remain under pressure for the foreseeable future which should help the US Dollar remain strong over the coming days.