Today’s
expected range for the Canadian Dollar against the US Dollar is .9875-.9975
Today’s
expected range for the Canadian Dollar against the Euro is 1.3170-1.3270
Today’s expected range for the Canadian Dollar against is 1.5870-1.5870
The
US Dollar is slightly weaker this morning as the Euro received a boost from a
better than expected German Business Confidence report, the number reached a
nine month high which caught everyone by surprise. EURO.USD which traded as low
as 1.3125 before the report traded as high as 1.3205 just after its release,
another good night for the Euro.
The
Euro should also get a boost as the G-20 meets this weekend in Washington and
it is expected that they will push for more of a safety net around the
financial crisis in Europe, I still think the G-20 countries feel there is more
Europe can be doing to solve this crisis.
Nothing
of interest for the Canadian Dollar last night, another small trading
range with the Loonie pulling back below .9950 on the weaker US Dollar. The
Loonie also lost a little ground against the Euro and Sterling as both those
currencies pair are higher but it does stay within ranges.
Up
today we get the release of the Canadian CPI report and given the Bank of
Canada’s comments this week this number I think takes on added significance. If
we get a report that shows inflation is rising it will add fuel to the
BOC’s comments this week on higher interest rates and USD.CAD should move back
below .9900. If the report shows inflation is subdued then you may see USD.CAD
move back above the .9950 level. As we move further into 2012 I think Canadian
dollar trading will become more concerned with factors that influence the Bank
of Canada on interest rates and will continue this way until they finally come
out with their plan for interest rate hikes.
I
will be out of the office this afternoon and the rest of the next week as
Mrs. Smith and I and 16 of our favourite Smith relatives from around North
America are heading down to the Dominican Republic to reconnect for a week of
R&R. In my absence Rich will be publishing the commentary and if you need
anything just drop a note to Randy Davis or Mike Hawie.
Have
a great weekend
Mike|
GFX Morning Currency Rates
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Thursday, April 19 2012
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Currencies
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7:00am Today's Opening
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Yesterday's Opening
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USD/CAD
|
0.9917
|
0.9895
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CAD/USD
|
1.0084
|
1.0106
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EUR/USD
|
1.3193
|
1.3114
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EUR/CAD
|
1.3085
|
1.2979
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STG/CAD
|
1.598
|
1.5865
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AUD/CAD
|
1.026
|
1.0254
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CAD/JPY
|
82.36
|
82.51
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CAD/CHF
|
0.9178
|
0.9255
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CAD/HKD
|
7.8256
|
7.8404
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CAD/CNY
|
6.3594
|
6.3672
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CAD/MXN
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13.2641
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13.3382
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Commodities
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Gold
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$1,645
|
$1,641
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OIL
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$103.06
|
$102.89
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Option Volatility
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Canada
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|||||||
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O/N
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7.61%
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11.49%
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1 Week
|
9.24%
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8.78%
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1 Month
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8.68%
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8.47%
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