Good afternoon,
Below are the current daily levels vs. the other major
currencies.
USD.CAD 1.0306 up 0.12%
GBP.CAD 1.6088 up 0.49%
EUR.CAD 1.3994 up 0.27%
The Canadian dollar has fallen in value against the US
dollar in early morning quiet trading conditions. This has been brought on, in
part, by the decline in the nation’s largest export, crude oil. In addition to
falling oil prices, the latest figures released today, show that new building
permits in Canada have decreased during the month of August, at a faster than
expected rate.
The Japanese yen hit an eight week high versus the US dollar
earlier. As uncertainty regarding the debt ceiling grows and no agreement in
sight, money continues to flow out of the US to the perceived safe haven of
Japan. There had been several reports
scheduled to come out in the US this week, but as it stands there are no
guarantees, that any of them will be announced.
The British pound managed to break its streak, of three
straight days of losses, against the US dollar. This came about, amid reports
that financial sector in the UK, is at its most optimistic level since 1996.
The report commissioned by the Confederation of British Industry, scored a +53
optimism rating, up from +31 in the previous survey.
Up tonight we get the Current Account and Trades Balances
out of both Germany and japan so we may see a bit of volatility this evening.
We still favour a rise in USD.CAD over the next few sessions so make sure you
have your orders in early on.
The overnight expected range for the Canadian dollar against
the US dollar is 1.0270-1.0350
The overnight expected range for the Canadian dollar against
the euro is 1.3970-1.4050
The overnight expected range for the Canadian dollar against
the pound is 1.6450-1.6650
Enjoy your afternoon,
Gavin
Gavin McAvoy | GFX
Partners Inc |Currency Advisor
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