Today's
expected range for the Canadian Dollar against the US Dollar is 1.0100-1.0180
Today's
expected range for the Canadian Dollar against the Euro is 1.3250-1.3330
Today's
expected range for the Canadian Dollar against Sterling is 1.5710-1.5800
The
US Dollar is marginally weaker this morning as the Euro has advanced on the
announcement that a new government has
been formed it Italy. In Rome a collation government has been formed between Enrico
Letta and Berlusconi which has pledged to pull back from some of the austerity
measures that the previous government put in place. It should be interesting to
see how Italy's budget deficit does this year, if it balloons investors will
get very nervous.
This
week should see lots of action in Europe with both the European Central Bank
and the US Federal Reserve announcing on interest rates. The US should stay the
course but investors will be looking for any signs of when the stimulus program
will be ended, in Europe there is a building expectation that the ECB will cut
rates to try and get the economy going.
The
Canadian Dollar continues to benefit from the weaker US Dollar as USD.CAD
dropped during the overnight session, it is getting to the point now where US
Dollar buyers need to take notice and start looking at forward contracts, given
the uncertainty in the global economy we could easily see USD.CAD trade higher very
quickly over the next few days.
We should
have a busy week of economic news, highlight of course by the US Federal
Reserve and the ECB announcements, but we also have a slew of other economic activity to be
reported ending up with the US Employment report on Friday. Up today we get US
Personal Income and spending and from everything I read bit numbers could disappoint
just like the US GDP report disappointed on Friday. If I am correct then look
for USD.CAD to slip a bit more today and test 1.0150.
Have
a great week
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0144 | 1.0195 | |||||
| CAD/USD | 0.9858 | 0.9809 | |||||
| EUR/USD | 1.308 | 1.3001 | |||||
| EUR/CAD | 1.327 | 1.3257 | |||||
| STG/CAD | 1.5747 | 1.5762 | |||||
| AUD/CAD | 1.0483 | 1.0482 | |||||
| CAD/JPY | 96.5 | 96.82 | |||||
| CAD/CHF | 0.9257 | 0.9256 | |||||
| CAD/HKD | 7.6297 | 7.5937 | |||||
| CAD/CNY | 6.0258 | 6.0442 | |||||
| CAD/MXN | 11.9462 | 11.9363 | |||||
| Commodities | |||||||
| Gold | $1,470.00 | $1,467.00 | |||||
| OIL | $93.40 | $93.00 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 82.57 | 82.9 | |||||
| OPEN | 82.25 | 82.78 | |||||
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