Today’s
expected range for the Canadian Dollar against the US Dollar is .9850-.9920
Today’s
expected range for the Canadian Dollar against the Euro is 1.2970-1.3050
Today’s
expected range for the Canadian Dollar against Sterling is 1.5980-1.6050
The
US Dollar is marginally stronger this morning as the results of the Japanese
election have moved the currency markets around a bit, both Euro and Sterling
have hit new highs with EURO.USD topping out so far at 1.3150 and GBP.USD
hitting a new high of 1.6205. In Japan the Liberal Democratic Party returned to
power after a three year absence after the pledged to achieve economic growth
of 3% and an inflation rate of 2%. To achieve this they will have to introduce massive
stimulus into the economy so it will be very interesting to watch how they go
about this and the effect it has on the global economy. One course of action
for them will be to have policies to weaken the Yen so they can increase their
export market. Look for USD.JPY and CAD.JPY to increase in value over the
coming months.
The
Canadian Dollar is a little weaker this morning as the Loonie has given up some
gains on the back of the stronger US Dollar. GBP.CAD was the big mover
overnight as it jumped to trade up at 1.6000 after we closed it at 1.5930 on
Friday , that is the biggest range we have had for that currency pair in weeks.
USD.CAD is still on the back burner at the moment but if Euro and Sterling both
continue to trade stronger this week the USD.CAD should fall back towards the .9850
level , once again we are not expecting a big range for USD.CAD, I still favour
US Dollar buyers putting on some forward contracts at current levels and US
Dollar buyers need to be ready if we see
a pullback above .9900 today.
Have
a great week
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9871 | 0.9845 | |||||
| CAD/USD | 1.0131 | 1.0155 | |||||
| EUR/USD | 1.3151 | 1.3086 | |||||
| EUR/CAD | 1.2983 | 1.2886 | |||||
| STG/CAD | 1.5992 | 1.5877 | |||||
| AUD/CAD | 1.0378 | 1.0363 | |||||
| CAD/JPY | 84.82 | 85.05 | |||||
| CAD/CHF | 0.9304 | 0.9377 | |||||
| CAD/HKD | 7.8493 | 7.8659 | |||||
| CAD/CNY | 6.3147 | 6.3424 | |||||
| CAD/MXN | 12.9523 | 13.0206 | |||||
| Commodities | |||||||
| Gold | $1,693 | $1,698 | |||||
| OIL | $86.65 | $86.72 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 6.90% | 5.80% | |||||
| 1 Week | 5.15% | 5.10% | |||||
| 1 Month | 5.10% | 5.05% | |||||
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