GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0790-1.0840

Today's expected range for the Canadian Dollar against the Euro is 1.4520-1.4570

Today's expected range for the Canadian Dollar against Sterling is 1.8370-1.8420

The US Dollar is ‎marginally weaker in quiet overnight trading conditions as the markets get ready for the US Federal Reserve interest rate announcement later this week. The Pound is at a one-month low against the Greenback as investors are questioning the meteoric rise of Sterling over the last year and worrying that perhaps the UK economy is not as strong as first thought, Sterling may continue to trade a little weaker over the short-term.

The Canadian Dollar finally had some movement on Friday as it traded weaker throughout the day, it was pretty much a non-event overnight so USD.CAD continues to look vulnerable at the moment, I would think that we will stay at current levels until at least the Federal Reserve meeting on Wednesday, the Canadian Dollar has been quite resilient for some time so we may yet see a pullback lower but I still favour a move higher for USD.CAD. US Dollar buyers need to exercise caution as the rate may start to move away from them again.

Key events this week include US Consumer Confidence on Tuesday, the Federal Reserve on Wednesday, US Employment report on Friday and the  Canadian GDP data on Thursday, we could have a busy week.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0803			1.0756
CAD/USD		0.9237			0.9297
EUR/USD		1.3438			1.3448
EUR/CAD		1.452			1.4467
STG/CAD		1.8349			1.822
AUD/CAD		1.016			1.0116
CAD/JPY		94.24			94.68
CAD/CHF		0.8364			0.8397
CAD/HKD		7.1516			7.1836
CAD/CNY		5.7377			5.7529
CAD/MXN		12.978			12.0729
Commodities
Gold		$1,305.00			$1,296.00
OIL		$101.43			$102.00
US DOLLAR INDEX
P.CLOSE		81.03			80.87
OPEN		81.01			80.94
US 10YR YIELD		2.49%			2.51%