Financial Markets Update: USD Lower, Euro Under Pressure, CAD Stable

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

US Dollar        1.3750-1.3850

Euro                 1.4750-1.4850

Sterling            1.7500-1.7600

WTI Oil (opening level) $77.05

The US Dollar index is marginally lower this morning as markets calm down after the surprise gains made by the far right in European elections and the snap election call by French President Macron. You have seen me mention many times before that markets do not like uncertainty and this election call will do a lot to create a great deal of it, look for the Euro to remain under pressure.

The Canadian Dollar is also unchanged this morning against the US Dollar as USD.CAD opens the day near the 1.3770 (0.7262) level. The Loonie did lose some ground to the Pound overnight as Sterling traded a little higher but for the most part the Loonie should remain stable until tomorrow when the market hears from the US Federal Reserve on interest rates.

Stocks were up slightly yesterday but pointing to a drop this morning and could be in for a tough day. There is nothing of note on the calendar today so look for currency markets to remain steady ahead of the interest rate announcement tomorrow.