GFX Morning FX Commentary September 14th, 2013

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0300-1.0380

Today's expected range for the Canadian Dollar against the Euro is 1.3720-1.3800

Today's expected range for the Canadian Dollar against Sterling is 1.6320-1.6400

My apologies if you did not see the commentary yesterday, the email service we use was having some issues, I always post the commentary on our Blog so I'd you never get it in your email you can always find it there.

The US Dollar is marginally stronger this morning on the expectation that the US Retail Sales Report for August will be a strong one and on rumours that Obama will name Lawrence Summers the new Chairman of the Federal Reserve later this year to replace the retiring Ben Bernanke. From what I read Summers is considered more of a hawk which implies that he would favour higher interest rates sooner than some of his rivals.

The Canadian Dollar had one of its smallest trading ranges yesterday and that continued into the overnight session, the Loonie continues to hold onto its strength from last week's employment report but I get a sense that this particular move may be running out of steam.

We do get a slew of US economic reports including the above mentioned Retail Sales report so I am expecting some positive numbers out of the US if we see very strong numbers then we should see USD.CAD move back towards 1.0350.

Have a great weekend

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0329			1.0322
CAD/USD		0.9681			0.9688
EUR/USD		1.3284			1.3294
EUR/CAD		1.3724			1.3724
STG/CAD		1.6331			1.6328
AUD/CAD		0.9556			0.9546
CAD/JPY		96.47			96.24
CAD/CHF		0.9018			0.9011
CAD/HKD		7.5017			7.5058
CAD/CNY		5.923			5.9283
CAD/MXN		12.7044			12.701
Commodities
Gold		$1,315.00			$1,342.00
OIL		$107.55			$108.51
US DOLLAR INDEX
P.CLOSE		81.69			81.71
OPEN		81.77			81.72
US 10YR YIELD		2.91%			2.91%