Today's expected range
for the Canadian Dollar against the US Dollar is 1.0900-1.0950
Today's expected range
for the Canadian Dollar against the Euro is 1.4610-1.4660
Today's expected range
for the Canadian Dollar against Sterling is 1.8410-1.8460
The US Dollar is
marginally stronger this morning as the Russian ban on agricultural products is
weighing on the Euro-Zone’s already fragile economy. In the UK the Pound is
approaching an 8-week low as the markets get ready for the Bank of England
interest rate announcement this morning, they will not change their policy but
markets will be looking for any kind of hint when the minutes are released (in
two weeks) that future rate hikes are imminent.
We also get the
European Central Bank reporting on interest rates this morning and just like the
UK there is no expected change in Euro-Zone interest rates but of interest will
be Governor Draghi’s press conference later this morning. Markets will be
looking at his comments to get a sense of what is coming for the EU economy and
if he mentions what effect the Russian ban will have on the economy. Overall I still feel that Euro will continue to trade
weaker over the coming weeks.
The Canadian Dollar
had a strong day yesterday and staged a small rally but just as it looked like
it was going to make a run it gave back some of the gains overnight. I think US
Dollar buyers need to be ready to take advantage of these types of moves, with
so much uncertainty in the market at the moment there is every reason to
believe that the US Dollar could go on another big run in the near future.
Up today we do get some
secondary US and Canadian data but for the most part the market will trade off
of the ECB announcement, it could be a volatile day.
Have a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0923 | 1.0976 | |||||
| CAD/USD | 0.9155 | 0.911 | |||||
| EUR/USD | 1.3374 | 1.3341 | |||||
| EUR/CAD | 1.4612 | 1.4646 | |||||
| STG/CAD | 1.8406 | 1.8471 | |||||
| AUD/CAD | 1.0125 | 1.0214 | |||||
| CAD/JPY | 93.62 | 93.23 | |||||
| CAD/CHF | 0.8313 | 0.8296 | |||||
| CAD/HKD | 7.0736 | 7.0408 | |||||
| CAD/CNY | 5.6411 | 5.6141 | |||||
| CAD/MXN | 12.11 | 12.1248 | |||||
| Commodities | |||||||
| Gold | $1,305.50 | $1,289 | |||||
| OIL | $96.68 | $97.55 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 81.49 | 81.6 | |||||
| OPEN | 81.55 | 81.73 | |||||
| US 10YR YIELD | 2.45% | 2.45% | |||||
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