GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0980-1.1040

Today's expected range for the Canadian Dollar against the Euro is 1.5200-1.5260

Today's expected range for the Canadian Dollar against Sterling is 1.8510-1.8570

The US Dollar is marginally weaker this morning as markets come back from the Easter holiday, in Europe Sterling once again led the charge and has hit a 7-month high against the Euro, clearly financial markets are betting that the UK economy will outperform the European economy. Sterling did get a bit of a bounce against the US Dollar this morning on rumours of a mega-merger between two pharmaceutical giants Pfizer and AstraZeneca, if such a deal was to be consummated then it would be  in the neighborhood of 60 Billion Pounds. In China, the Yuan  is at its lowest level in 14 months as the Chinese Government keep pushing down the range the Yuan trades in to help boost its export market.

The Canadian Dollar remains on the sidelines against the US Dollar as it had a 15 point trading range overnight, the Loonie continues to stay close to this 1.1000 level as it awaits the next piece of news to get it moving again.

Up today we get some secondary US data and the Canadian Wholesale trade data, I am not sure that any of these will really get the currency market going but if we get a surprise trade number you never know. I still favour a move towards 1.1050 in the short-term but at the present pace it might take all week.

Have a great day.

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1016			1.1013
CAD/USD		0.9079			0.908
EUR/USD		1.3818			1.3815
EUR/CAD		1.5224			1.5212
STG/CAD		1.8538			1.8501
AUD/CAD		1.031			1.0271
CAD/JPY		93.08			93.14
CAD/CHF		0.8018			0.8014
CAD/HKD		7.0319			7.0198
CAD/CNY		5.6597			5.6561
CAD/MXN		11.8561
Commodities
Gold		$1,292.00			$1,282.70
OIL		$104.10			$104.10
US DOLLAR INDEX
P.CLOSE		80.03			80.03
OPEN		79.83
US 10YR YIELD		2.71%			2.72%