GFX Morning Commentary June 14th, 2013

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0130-1.0200

Today’s expected range for the Canadian Dollar against the Euro is 1.3520-1.3600

Today’s expected range for the Canadian Dollar against Sterling is 1.5880-1.5950

The US Dollar is virtually unchanged against most currencies, it is a bit stronger against Sterling as the UK once again produced poor manufacturing data so GBP.USD dropped about 50 point and GBP.CAD fell about 100 points but has since rebounded. In what I have been reading it looks like a lot of market pundits are starting to focus on the US Federal Reserve’s plan for ending stimulus. Their lots of talk as to what they should do, I favour a gradual reduction over a prolonged period of time to minimize the effect on equities, a sudden and complete withdrawal  would play havoc with the market.

The Canadian Dollar has a quiet night and still trades in this overall 1.0150 to 1.0250 range, as I mentioned yesterday we will need to see a clean break and close below 1.0150 to see further sustained strength for the Loonie. We may get some volatility this morning as we have a slew of US secondary data and Canadian Manufacturing data that activity will wane as the afternoon goes along, get your orders in early so you catch any movement.

Have a great weekend

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0171			1.0158
CAD/USD		0.9832			0.9844
EUR/USD		1.3317			1.3328
EUR/CAD		1.3545			1.3544
STG/CAD		1.5906			1.5914
AUD/CAD		0.9779			0.9726
CAD/JPY		93.42			92.89
CAD/CHF		0.909			0.9067
CAD/HKD		7.6114			7.6213
CAD/CNY		6.026			6.0359
CAD/MXN		12.6618			12.6331
Commodities
Gold		$1,380.00			$1,386.00
OIL		$97.00			$95.57
US DOLLAR INDEX
P.CLOSE		80.89			81.16
OPEN		81.07			80.95