Good afternoon,
Below are the current daily levels of the Canadian
dollar vs. the other major currencies.
USD.CAD 1.0307 down 0.25%
GBP.CAD 1.6560 down 0.81%
EUR.CAD 1.4013 down 0.43%
The Canadian dollar has strengthened slightly
against the major currencies in early trading today. Having declined versus the
US dollar for much of the week, it has shown some signs of strength as the week
closes. The Loonie did seem to gain some support from the stronger than expected
Ivey Purchasing Managers’ report which is a good sign for the Canadian economy.
An announcement from Merrill Lynch stating that, the
British pounds recent strength is “likely to subside”, coupled with yesterday’s
rate freeze, has seen sterling lose ground against the US dollar for a second
day. Having hit a 9 month high earlier in the week, the pound now appears to be
losing some momentum.
The US dollar hit a monthly low against the yen, as
the continued uncertainty within the US government rolls on. In addition to the
fears regarding the debt ceiling, today should have seen the release of the US
government jobs report. The governments lack of ability to release important
figures, only adds to the ever increasing, heightened sense of uncertainty. With
several more sets of numbers scheduled for release next week, only time will
tell if get a chance to review them.
The Sunday night expected range for the Canadian
dollar against the US dollar is 1.025-1.036
The Sunday night expected range for the Canadian dollar
against the euro is 1.380-1.430
The Sunday night expected range for the Canadian
dollar against the pound is 1.662-1.675
Enjoy your weekend,
Gavin
Gavin McAvoy | GFX
Partners Inc |Currency Advisor
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