GFX Currency Commentary: GFX Morning FX Commentary, April 27, 2012

Friday 27 April 2012

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar is .9800 - .9875

Today’s suggested range for the Canadian dollar against the Euro is 1.2950 – 1.3050

Today’s suggested range for the Canadian dollar against Sterling is 1.5900 – 1.6025

A credit downgrade for Spain by two notches to BBB+ by Standard and Poor’s is pretty negative

news, and yet after a brief pullback in the single currency below 1.3200 it remains back above

and looks well supported. The market has to be extremely short in the Euro not to go lower,

and the other resilient currency is the British Pound which is making seven month highs after

reporting this week that they are technically in a recession.

The Canadian dollar is opening where we closed yesterday and is waiting for the U.S. GDP

report which is expected to show on an annualized basis 2.5% growth down from the previous 3%.

The Dow futures are holding steady ahead of the key U.S. GDP data at 8:30am followed later in the

morning by the Michigan confidence data. Bank of Canada’s Governor Carney is speaking in Ottawa

today before the release of the economic data in the U.S. so we may get some headline trading from

that.

Have a great weekend!

Friday 27 April 2012