The U.S. Dollar index hits its lowest point since August

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

US Dollar        1.3550-1.3650

Euro                1.4850-1.4950

Sterling           1.7100-1.7200

WTI Oil (opening level) $75.39

The US Dollar index is again marginally lower this morning as it is at its lowest level since August of this year and sets up for its biggest monthly drop in 2023. Again, nothing new to report as investors are watching to see if the Fed drops any hints about when the first interest rate cut in 2024 comes in. Stocks seem to be running out of steam at the moment as New York was down over 50 points yesterday and is poised for a drop of another 50 points on the opening this morning, any further drop may give the Greenback a quick boost today.

The Loonie was able to pick up some small gains overnight as USD.CAD briefly dipped below the 1.3600 (0.7353) level before giving back some of that strength early this morning. The Loonie was also able to pick up some gains against the other currencies but overall, the Loonie continues to range trade and should continue to do so for a while yet.

Nothing of note on the calendar today, there are a few Fed speakers but I doubt they will drop any great tidbits of information, the markets should remain quiet as traders get setup for tomorrow's US GDP report.