USD and CAD picked up some gains against the EUR due to the EU's lower-than-expected inflation rate

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

US Dollar        1.3550-1.3650

Euro                1.4825-1.4925

Sterling           1.7175-1.7275

WTI Oil (opening level) $78.39

The US Dollar index is marginally higher this morning as the US economy grew at a rate of 5.2% year-over-year which was marginally better than the market was expecting. In addition, the Dollar was pushed higher by a lower-than-expected inflation print in the EU, consumer prices in the common market grew at an annualized rate of 2.4% which was well below the expected rate of 2.7%, on the report EUR.USD fell about 50 points to trade at 1.0920 and even the Canadian Dollar picked up some gains as EUR.CAD fell to trade at 1.4855 at one point.

The Canadian Dollar is marginally weaker against the US Dollar this morning as it continues to range trade, USD.CAD opens the day near the 1.3600 (0.7353) level which is about 50 points higher than yesterday's low. The Loonie will be front and centre today as we get the release of the September GDP report and it is expected to confirm that the economy is at a standstill without any growth. It should be hard for the Loonie to make any sustained gains with these kinds of numbers.

The OPEC meeting is scheduled to happen today so commodity currencies may get a small boost today if they agree on production cuts and the oil price jumps much higher.

As November comes to a close The US Dollar will have hit a three-month low and stocks are bonds are having their best months of the year, it is no too hard to think that this trend will continue into November with a few bumps along the way.