GFX Morning Commentary February 23rd, 2012

Good Morning

Todays suggested range for the Canadian dollar against the US Dollar  is .9940 – 1.0010.

Todays suggested range for the Canadian dollar is against the Euro is 1.3240-1.3350

Todays suggested range for the Canadian dollar against Sterling  is 1.5650-1.5750

The US Dollar is weaker this morning as EURO.USD has jumped to a 2-month high on the back of a German report that showed business confidence in their economy rose to a 7-month high, this jump in the Euro was in spite of an EU Commission report that showed the overall Euro-Zone economy will shrink this year by 0.3%. For the short-term the Euro seems quite resilient but I still have my doubts as Italy and Spain will be much bigger problems.

The Canadian Dollar continued to trade back and forth around par overnight in a very uninspiring trading pattern, the Loonie did pick up a little strength last night but nothing of significance.

For today with North American equity markets pointing higher the first move for USD.CAD should be lower and a test of the .9975 level, but again with nothing on the horizon to excite the Canadian currency market we look for another day of subdued trading ranges.

For today's 7:00am opening levels please visit our

Have a great day

Mike

GFX FOREIGN EXCHANGE MORNING UPDATE

                                                                  Thursday, February-23-12
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		0.9978			0.9981
CAD/USD		1.0022			1.0019
EUR/USD		1.3298			1.3221
EUR/CAD		1.3272			1.3197
STG/CAD		1.5683			1.5672
AUD/CAD		1.067			1.0613
CAD/JPY		80.28			80.36
CAD/CHF		0.9078			0.9144
CAD/HKD		7.7698			7.7682
CAD/CNY		6.3089			6.3048
Commodities
Gold		$1,778			$1,755
OIL		$106.41			$105.66
Option Volatility
Canada
O/N		11.00%			11.53%
1 Week		8.51%			8.80%
1 Month		8.95%			9.07%