US Dollar Gains as Euro Weakens on Economic Reports

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

US Dollar        1.3675-1.3775

Euro                 1.4600-1.4700

Sterling            1.7250-1.7150

WTI Oil (opening level) $81.05

The US Dollar index is marginally stronger to close out the week as the Dollar was able to make some gains against both the Euro and Sterling. Both the EU and UK economies reported weaker economic numbers early this morning and as such both of the currencies fell lower. Yesterday also saw some Fed speakers emphasize caution ahead of any interest rate cuts so all this will help to keep the Greenback strong.

The Canadian Dollar continues to range trade against the US Dollar but still holding onto the small gains it made this week as the oil price again moved higher overnight. It had been able to make up some strength against both the Euro and Pound but that is more weakness in those currencies as opposed to strength in the Loonie.

We get some secondary data out of Canada today in the form of Retail Sales for May but I don't think it will enough to move the needle on the Loonie. US Stocks are pointing lower to start the day so look for the US Dollar to remain supported.