Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0340-1.0420
Today’s
expected range for the Canadian Dollar against the Euro is 1.3670-1.3850
Today’s
expected range for the Canadian Dollar against Sterling is 1.6260-1.6340
The
US Dollar is marginally weaker this morning as the financial markets get ready
for the vote in Congress on military intervention in Syria. Overnight the Yen was
the biggest mover as USD.JPY traded above 100 for a little while as the announcement
that Tokyo has been awarded the 2020 Olympic Games is viewed as providing a
boost for the economy over the next number of years. The Aussie and Kiwi
Dollars are also stronger after China reported a better than expected export
number, AUD.USD hit a 3-week high so it has staged quite a recovery over the
last little while.
The
question of when the US Federal Reserve will remove some stimulus keeps
weighing on the currency markets, with the poor jobs report out of the US on
Friday I think any change in September is very unlikely and another poor report
will almost certainly push the tapering into 2014.
The
Canadian Dollar is marginally stronger after Friday’s big gain, it will now
settle into its new trading range near the 1.0400 level against the Greenback. It
has done really well against the Euro and Sterling, just over a week ago
EURO.CAD was at 1.4100 and GBP.CAD was at 1.6400, EURO.CAD is especially lower
at is now trades near 1.3700. If you are a buyer of Euro you may want to take advantage of these rates on a forward contract,
with German elections on the horizon we could easily see a spike in the Euro if
Merkel wins the elections.
Nothing
of importance out on the economic front today so I think USD.CAD will stay in a
confined range, given how fast USD.CAD has dropped I would expect that we will
see a bit of a pullback higher above 1.0400 before we see any further Canadian
Dollar strength. If we see the US Congress pass an attack on Syria today the
effect should be US Dollar positive and
USD.CAD could jump back towards 1.0450.
Have
a great week
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0385 | 1.0454 | |||||
| CAD/USD | 0.963 | 0.9565 | |||||
| EUR/USD | 1.3192 | 1.3106 | |||||
| EUR/CAD | 1.3702 | 1.5571 | |||||
| STG/CAD | 1.6277 | 1.6282 | |||||
| AUD/CAD | 0.9554 | 0.957 | |||||
| CAD/JPY | 95.8 | 0.954 | |||||
| CAD/CHF | 0.9017 | 0.9038 | |||||
| CAD/HKD | 7.4614 | 7.4134 | |||||
| CAD/CNY | 5.8912 | 5.85 | |||||
| CAD/MXN | 12.71 | 12.8009 | |||||
| Commodities | |||||||
| Gold | $1,386.00 | $1,364.00 | |||||
| OIL | $109.95 | $108.53 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 82.18 | 82.67 | |||||
| OPEN | 82.12 | 82.64 | |||||
| US 10YR YIELD | 2.94% | 2.97% | |||||
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