Insights into the US Dollar and Canadian Loonie ahead of key economic data releases

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

US Dollar        1.3450-1.3550

Euro                1.4600-1.4700

Sterling           1.7050-1.7150

WTI Oil (opening level) $77.36

The US Dollar index is marginally lower in a quiet overnight session as the market awaits an important week of data, the US economy gets some secondary data today in the form of Durable Goods Orders and Housing data. The big data will be the 2nd estimate of the US GDP report and the PCE Core inflation report that the Fed will be looking closely at later in the week, the Dollar should remain steady ahead of these reports. Investors will continue to watch for any data that gives any indication of the timing of the first interest rate cut by the Fed, this theme will dominate the markets until we have certainty on what their plan is.

The Loonie picked up some small gains overnight as it too is range trading ahead of this week's information which also includes the Canadian GDP report on Thursday. USD.CAD opens the day near the 1.3490 (0.7413) level and was able to pick up some small gains against the other currencies but should continue to range trade today ahead of this week's data.