US dollar rises and oil drops on weak economic data

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

US Dollar        1.3650-1.3750

Euro                1.4400-1.4600

Sterling           1.6700-1.6800

WTI Oil (opening level) $85.47

The US Dollar index is marginally stronger this morning as weak economic data out of Europe helped to push the Dollar higher. Overnight the Dollar was marginally weaker as US treasury rates dropped a little with the 10-year rate falling back below the 5% level. I think we will see the dollar steadily influenced by the US interest rate movement until we hear from the Fed next month.

The Canadian Dollar was able to pick up some gains yesterday as it reached a low of 1.3665 (0.7318) before giving back some of this strength as the US dollar picked up some strength throughout the night. That being said the Loonie continues to range trade in a narrow band until we hear from the Bank of Canada tomorrow.

Nothing of note on the calendar for today, stocks are pointing higher this morning after a tough day yesterday to start the week. Markets will also be watching the corporate earnings of Meta (Facebook), Google, Apple and Amazon which will give investors an idea of how the all-important tech sector is performing. As mentioned, the Loonie should stay in a tight range until we hear from the BOC tomorrow.