The U.S. Dollar strengthened on the news that Apple’s shares downgraded

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

US Dollar        1.3300-1.3400

Euro               1.4550-1.4650

Sterling          1.6800-1.6900

WTI Oil (opening level) $70.89

The US Dollar index is much stronger this morning as the stock market has started the year in the red and US bond yields have once again started to move a little higher. The Greenback picked up some strength as the Tech sector suffered some big losses as Apple reported some worrying quarterly results, investors may be rethinking the big moves of December and that it may have been a bit too much of a jump in too short a time period. The market will get a better sense of what the Fed is thinking today as we get the minutes of the last Federal Reserve meeting and hopefully, they will shed some light on when the first interest rate cut will come.

The Canadian Dollar has lost a lot of ground to the US Dollar as USD.CAD has jumped to open today at 1.3350 (0.7490), the Loonie is down over 100 points to start the year and it also lost some significant ground to the other currencies this morning as well so overall it is looking weaker to start the North American day. This is yet another example of why US Dollar buyers should be looking at buying on any dips in the rate, the Loonie just cannot hold onto any strength for any period of time.

Nothing of note on the calendar until we hear from the Fed this afternoon, stocks look very weak on the opening and look set for another tough day which should push the US Dollar higher throughout the morning.