If the U.S. employment growth continues to slow, the Fed will pause interest rates rise next month

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

US Dollar        1.3700-1.3800

Euro                1.4400-1.4500

Sterling           1.6650-1.6750

WTI Oil (opening level) $83.16

The US Dollar index is marginally weaker this morning as the market gets set for tomorrow's US employment report. Ahead of that report we get the private ADP employment report today and it is expected to show that the growth in employment in the States continues to slow. Markets will look at a poorer than expected employment report as a sign of a slowing economy that may give the Fed reason not increase interest rates next month.

The Canadian Dollar is still incurring small losses as the stronger US Dollar and weaker oil prices are pulling the Loonie lower, USD.CAD opens the day slightly higher at 1.3750 (0.7273) and looks set to remain weaker throughout the day.

Stocks held steady yesterday but they are looking weaker on today's opening, the currency market should remain stable unless the ADP report really surprises which will then get investors very nervous about tomorrow's employment report.