GFX Morning Commentary June 15th, 2012

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar  is 1.0175– 1.0275

Today’s suggested range for the Canadian dollar against the Euro  is 1.2870-1.3000

Today’s suggested range for the Canadian dollar against Sterling  is 1.5870-1.6000

The US Dollar is marginally weaker this morning in quiet overnight trading conditions as the markets get set up for the Greek election and the G-20 meeting this weekend in Mexico. With all the rhetoric  that we are hearing I get a sense that the wold’s central bankers are more prepared to stabilize markets if the vote goes against the pro-austerity parties than they were after the first vote last month. We are reading more and more news stories where central banks are ready to add massive amounts of money to the financial system should the Euro start to lose its value, I am sure the G-20 meeting will have lots to say about Europe as well over the course of the weekend.

The Canadian Dollar had a very narrow trading range overnight as it continues to trade within the 1.0200 to 1.0300 range. Up today we do get a slew of US and Canadian secondary economic data that may bring some volatility to the market but for the most part we should see a subdued trading range as currency traders square up their positions ahead of the Greek elections. With the chance of enhanced volatility on Sunday night spilling over into Monday make sure you have your orders in with us over the weekend as you want to make sure if USD.CAD moves in your favour that you are taking advantage such a move.

Have a great weekend

Mike

GFX Morning Currency Rates
Friday June 15, 2012
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.023			1.0258
CAD/USD		0.9775			0.9748
EUR/USD		1.2614			1.258
EUR/CAD		1.2906			1.2906
STG/CAD		1.5902			1.5933
AUD/CAD		1.0268			1.0215
CAD/JPY		76.91			77.26
CAD/CHF		0.9299			0.9298
CAD/HKD		7.5786			7.5578
CAD/CNY		6.2184			6.2065
CAD/MXN		13.5708			13.6839
Commodities
Gold		$1,625			$1,621
OIL		$84.43			$82.78
Option Volatility
Canada
O/N		13.50%			14.63%
1 Week		12.54%			12.81%
1 Month		10.49%			10.78%

USA
Empire State Manufacturing Report for June (08:30)
Capacity Utilization for May (08:15)
Industrial Production for May (08:15)
Consumer Sentiment for June (09:55)

CANADA
Manufacturing Shipments for April (08:30)