GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0970-1.1050

Today's expected range for the Canadian Dollar against the Euro is 1.5000-1.5075

Today's expected range for the Canadian Dollar against Sterling is 1.8270-1.8350

‎The US Dollar is weaker this morning, it is trading at its weakest level in weeks against the Euro as the currency market is expecting a disappointing US Retail Sales report that may indicate a slowing US recovery. Sterling is at its highest levels since May of 2011 as optimism continues to grow about the UK recovery and the expectation that the Bank of England will soon raise interest rates.

The Canadian Dollar is marginally weaker this morning as the price of commodities fell overnight and the Australian Dollar fell dramatically on poor employment data. The Loonie did lose a lot of ground to both the Euro and Sterling as the strength in those currencies really hurt the Canadian Dollar.

As mentioned above today we get the US Retail Sales report for January and we are expecting a decline in sales of 0.2% from the previous month. A very poor number may give USD.CAD ‎the push it needs to break below the 1.1000 level while a better than expected number should be positive for the Greenback, either way we are expecting volatility to increase so make sure you have your orders in ahead of the number at 08:30.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0994			1.0996
CAD/USD		0.9059			0.9094
EUR/USD		1.3662			1.3582
EUR/CAD		1.5023			1.4937
STG/CAD		1.8292			1.8178
AUD/CAD		0.9851			0.9941
CAD/JPY		92.69			92.95
CAD/CHF		0.8126			0.8189
CAD/HKD		7.0326			7.0309
CAD/CNY		5.5126			5.5135
CAD/MXN		12.1614			12.1072
Commodities
Gold		$1,293.00			$1,287.00
OIL		$99.68			$100.41
US DOLLAR INDEX
P.CLOSE		80.69			80.63
OPEN		80.33			80.74
US 10YR YIELD		2.75%			2.74%