Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0490-1.0570
Today’s
expected range for the Canadian Dollar against the Euro is 1.3670-1.3750
Today’s
expected range for the Canadian Dollar against Sterling is 1.5870-1.5950
The
US Dollar is marginally stronger with the exception being against Sterling
where it just had a huge rally. This morning the Bank of England announced that
they would keep interest rates at 0.5% and did not make any changes to the
Stimulus program. More importantly they made the statement that the economy did
not warrant any rate increases in the near future, GBP.USD immediately fell over
100 points in about 20 seconds on the announcement as it spooked investors.
Later this morning we also get the European Central Bank announcing on interest
rates later this morning and with the USA closed we may see some wild swings
just like we did with Sterling.
The
Canadian Dollar gave back the gains it made yesterday and it continues to trade
back and forth in recent ranges. Just to highlight my point from yesterday
about the Loonie not being overly dependent on the price of oil, oil jumped to
$101 a barrel and the Loonie was weaker throughout the night. As I said
yesterday there are too many factors at play for the Loonie to be solely dependent
on the price of oil.
With
the US being closed today we normally would have a very narrow trading range
but if the ECB surprises this morning and if Toronto Equities are busy then we
may see some enhanced volatility this morning. The afternoon will be quiet as currency
traders get ready for the US and Canadian employment reports tomorrow.
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.053 | 1.0537 | |||||
| CAD/USD | 0.9497 | 0.949 | |||||
| EUR/USD | 1.3004 | 1.2962 | |||||
| EUR/CAD | 1.3698 | 1.366 | |||||
| STG/CAD | 1.5994 | 1.6076 | |||||
| AUD/CAD | 0.9615 | 0.9574 | |||||
| CAD/JPY | 94.66 | 94.53 | |||||
| CAD/CHF | 0.9008 | 0.9005 | |||||
| CAD/HKD | 7.3424 | 7.334 | |||||
| CAD/CNY | 5.821 | 5.8189 | |||||
| CAD/MXN | 12.2501 | ||||||
| Commodities | |||||||
| Gold | $1,250 | $1,248 | |||||
| OIL | $101 | $100.90 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 83.65 | ||||||
| OPEN | 83.56 | 83.65 | |||||
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