Good afternoon,
Below are the current daily levels vs. the other major currencies.
USD.CAD 1.0595 up .51%
GBP.CAD 1.7230 up .79%
EUR.CAD 1.4373 up 0.46%
This
morning saw the currencies react to the generous amount of economic data
released before the American Thanksgiving holiday.
The Chicago purchasing managers index
declined to 63 this month from 65.9 in October.
Even though the business activity edged down, it still beat
expectations. The data helped the
US jump against the Yen 0.83%, its highest level since late May.
Data showed durable-goods
orders declined 2% in October, compared to
expectations of a 2.2% decline. The drop was largely due to fewer contracts for
jumbo jets
Consumer
sentiment rose in November to a final reading
of 75.1 from 73.2 last month. The weekly U.S. jobless
claims unexpectedly dropped by 10,000 to
316,000. Many economists had predicted
that the claims would rise to 330,000.
The Minutes from the Fed’s monetary-policy
last week suggested the central bank may pull back on asset purchases at one of
its upcoming meetings. The Fed has said improvement
in the labor market is a key factor in its
policy assessment.
The Canadian Dollar touched the weakest
level against the US since July 5, as the price of crude oil declined for a
fourth day to $92.04. We saw the US rise
0.51% against the CAD.
On Friday, Canada’s GDP number will be
released.
The overnight expected range for the Canadian dollar against the USD
dollar 1.0540-1.0640
The overnight expected range for the Canadian dollar against the Euro
is 1.4320-1.4420
The overnight expected range for the Canadian dollar against Sterling is 1.7180-1.7280
Have a great afternoon.
Barbara
Barbara Friedman | GFX Partners
Inc |Currency Advisor
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