GFX Morning FX Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0435-1.0500

Today's expected range for the Canadian Dollar against the Euro is 1.4070-1.4150

Today's expected range for the Canadian Dollar against Sterling is 1.6875-1.6950

The US Dollar is marginally stronger this morning as it has made it biggest move overnight against the Japanese Yen. The Yen traded at a four month low as USD.JPY now trades near 101.00, this move was precipitated  by the Bank of Japan reiterating that they will continue to weaken their currency by proving massive amounts of stimulus to the economy.

In the latest round of the currency wars Australian Bank Governor Stevens stated that he is open to intervening in the currency markets to ensure that the Aussie Dollar remains weak. The rhetoric had the desired effect as AUD.USD fell by 100 points right after the comments.

The Canadian Dollar continues to remain unmoved in currency trading, it continues to trade in very uninspiring overnight and North American markets. We do get some secondary US data today ahead of the Canadian data tomorrow, presently we are starting to push ever so slowly towards the 1.0500 level but with the lack of volatility at the moment in might still take a few days to get there.

Have a great day.

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0458			1.0456
CAD/USD		0.9562			0.9563
EUR/USD		1.3468			1.3526
EUR/CAD		1.4088			1.4145
STG/CAD		1.6874			1.6878
AUD/CAD		0.9695			0.9825
CAD/JPY		96.29			95.47
CAD/CHF		0.8738			0.8709
CAD/HKD		7.4045			7.4079
CAD/CNY		5.822			5.8252
CAD/MXN		12.5596			12.4259
Commodities
Gold		$1,248.00			$1,273.00
OIL		$94.18			$93.44
US DOLLAR INDEX
P.CLOSE		81.09			80.71
OPEN		81.07			80.65
US 10YR YIELD		2.80%			2.72%