Today's expected range
for the Canadian Dollar against the US Dollar is 1.1180-1.1250
Today's expected range
for the Canadian Dollar against the Euro is 1.4120-1.4180
Today's expected range
for the Canadian Dollar against Sterling is 1.8140-18200
The US Dollar is again
stronger this morning as it continues its record breaking assent. The Greenback
rose to 110.00 against the Yen (the first time since August of 2008), the
Aussie Dollar continued to drop as Retail Sales was weaker than expected and in
Europe the Euro was lower on poorer than expected manufacturing data. Today we
are expecting the US ADP employment report where it is expected that private
payrolls added another 200K jobs to the economy last month, that would be the
6th month in a row this increase has happened, I am not sure much of anything
can derail the US Dollar rise at the moment.
The Canadian Dollar
continues to weaken off against the US Dollar, not only is the US Dollar
overall strength driving USD.CAD higher but yesterday's flat Canadian GDP
reading shows our economy is doing nothing while the US economy is roaring
ahead. At some point the weak Loonie will help push the economy forward but
that is a trickledown effect and will take several months to unfold. For now we
may see some trading back and forth but there is every reason to think that
USD.CAD will move higher in the short-term.
In addition to the ADP
Employment report today we also get the US ISM Manufacturing data for August so
I think we will continue to see strong data coming out of the US pushing the
Greenback higher. I think we do need a bit of a pullback to give the market a
breather but if the data is very strong then we could see USD.CAD move past the
1.1250 level today.
Have a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.121 | 1.117 | |||||
| CAD/USD | 0.892 | 0.8951 | |||||
| EUR/USD | 1.2596 | 1.2594 | |||||
| EUR/CAD | 1.4123 | 1.4071 | |||||
| STG/CAD | 1.816 | 1.8087 | |||||
| AUD/CAD | 0.9753 | 0.9751 | |||||
| CAD/JPY | 97.94 | 98.11 | |||||
| CAD/CHF | 0.8546 | 0.8571 | |||||
| CAD/HKD | 6.9035 | 6.9311 | |||||
| CAD/CNY | 5.4735 | 6.4924 | |||||
| CAD/MXN | 12.0061 | 12.1003 | |||||
| Commodities | |||||||
| Gold | $1,209.00 | $1,209.00 | |||||
| OIL | $94.90 | $94.66 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 85.93 | 85.6 | |||||
| OPEN | 86.1 | 86.02 | |||||
| US 10YR YIELD | 2.48% | 2.51% | |||||
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