FED policymaker's speech on the economy showed their intentions to finish with interest rate hikes

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

US Dollar        1.3550-1.3650

Euro                1.4850-1.4950

Sterling           1.7175-1.7275

WTI Oil (opening level) $77.55

The US Dollar index after reaching a three-month low yesterday is marginally higher this morning in a quiet overnight session. Yesterday saw some Federal Reserve committee members speaking on the economy and each of them seemed to reinforce the policy that they Fed has finished with interest rate hikes and that rates will not have to remain high as long as inflation continues to moderate in the coming months. On these reports there was a small tick up in the stock market after a weak opening and the Dollar remained under pressure.

The Canadian Dollar again picked up a little strength as the US Dollar weakened off but like the previous day it gave back that strength overnight as it continues to range trade. Of particular interest to currencies that are tied to the commodity market is the fact that the OPEC meeting is expected to go ahead tomorrow and if they can all get along, they may again increase production cuts to help push the oil price higher which in turn may push the Loonie a little higher.

Up today we get a second look at the state of the US economy as the 3rd Quarter GDP report is released this morning and it is expected to confirm that the economy grew close to 5% on an annualized basis which is up considerably on the 2% growth rate in the 2nd quarter. If the number comes in as expected we should see stocks jump higher and the Greenback fall off a little.