GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.1320-1.1370

Today’s expected range for the Canadian Dollar against the Euro is 1.4220-1.4270

Today’s expected range for the Canadian Dollar against Sterling is 1.7780-1.7850

The US Dollar is mixed this morning as it is stronger against the commodity currencies and the Yen, unchanged against the Euro and weaker against the Pound. In Japan USD.JPY hit a seven year high as Prime Minister Abe is ahead in the polls and is expected to win the election giving him the support to extend his stimulus measures for the economy, in the UK the Pound had a jump this morning after the release of the Bank of England policy minutes showed some committee members were worried that inflation may start to accelerate. Both the price of Oil and Gold were unchanged overnight so I am not quite sure why the commodity currencies were weaker but Aussie, Kiwi and Cad all traded a bit weaker against the US Dollar.

After having a quick look at the 1.1300 level yesterday USD.CAD bounced higher this morning to trade higher, again we are seeing USD.CAD trade back and forth in the 1.1300 to 1.1400 range for a while now. Given current trading patterns  intra-day US Dollar sellers should take advantage of this overnight move in case it heads back down today.

Up today we have the release of the latest minutes from the Federal Reserve Meeting on interest rates, if there are even any hints that the committee is pushing forward the timing of an interest rate hike then USD.CAD will jump back over 1.1400 and the strong US Dollar trend will be back on track.

Have a great day

 

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1336			1.1282
CAD/USD		0.8821			0.8864
EUR/USD		1.2531			1.2513
EUR/CAD		1.4208			1.4118
STG/CAD		1.7776			1.7679
AUD/CAD		0.9793			0.9883
CAD/JPY		103.72			103.41
CAD/CHF		0.8453			0.8504
CAD/HKD		6.8185			6.8503
CAD/CNY		5.3969			5.4223
CAD/MXN		11.9975			12.0265
Commodities
Gold		$1,198.00			$1,200.00
OIL		$74.82			$75.81
US DOLLAR INDEX
P.CLOSE		87.59			87.92
OPEN		87.66			87.59
US 10YR YIELD		2.34%			2.33%