Today's expected range for the Canadian Dollar against the US Dollar is .9975-1.0075
Today's expected range for the Canadian Dollar against the Euro is 1.3200-1.3300
Today's expected range for the Canadian Dollar against Sterling is 1.5800-1.5900
The US Dollar is stronger this morning as a deal between the EU and Greece appears to be on the rocks, all Greek parties agreed on an new austerity plan yesterday but the EU finance ministers rejected the deal saying the Greeks needed to come up with another 320 Billion Euro in cuts to qualify for the next round of financing, The EU also has required a law to be passed requiring future governments in Greece to honour these cuts and not to roll them back once they get their funding, apparently there is a trust issue between Greece and the EU at the moment. The ball is now in the Greek Government's court to see if they will satisfy the demands of the EU or just call it a day. The decision may already have be en made as one of the smaller parties in the coalition have said this morning they will not support any more cuts to the budget. In all of this yesterday the Euro reached a 2-month high against the Greenback trading at 1.3310 but with these latest developments EURO.USD now looks to test below the 1.3200 level at some point this morning.
With the stronger US Dollar overnight USD.CAD looks set to test above parity today, I thought it would trade around parity for a while now so that trend looks to be unfolding, certainly the Greek situation will keep the focus off the Canadian dollar and the USD.CAD will just follow the broader FX markets over the near-term. Given the uncertainty in Greece I still think it wise for US Dollar buyers to lock in some percentage of their future requirements at these levels as a precaution against a big US Dollar rally should Europe meltdown.
For today barring any major news out of Europe USD.CAD's first move should be above 1.0000 as the equity markets are pointing lower to start the day, we do have trade data scheduled to be released today but I think it will all be but ignored by the currency markets.
Have a great weekend
Mike
GFX FOREIGN EXCHANGE MORNING UPDATE
Friday, February-10-12
Market Indicators * For current market prices please contact our currency advisors or visit
our
on line site at www.gfxpartners.ca *
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9999 | 0.9956 | |||||
| CAD/USD | 1.0001 | 1.0044 | |||||
| EUR/USD | 1.3242 | 1.3269 | |||||
| EUR/CAD | 1.3246 | 1.3215 | |||||
| STG/CAD | 1.5825 | 1.5773 | |||||
| AUD/CAD | 1.0681 | 1.075 | |||||
| CAD/JPY | 77.71 | 77.42 | |||||
| CAD/CHF | 0.9127 | 0.9156 | |||||
| CAD/HKD | 7.7555 | 7.7873 | |||||
| CAD/CNY | 6.2985 | 6.3182 | |||||
| Commodities | |||||||
| Gold | $1,723 | $1,736 | |||||
| OIL | $98.54 | $99.38 | |||||
| Option Volatility | |||||||
| O/N | 7.69% | 11.75% | |||||
| 1 Week | 9.29% | 9.05% | |||||
| 1 Month | 8.94% | 9.25% | |||||
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