GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.1965-1.2025

Today’s expected range for the Canadian Dollar against the Euro is 1.3900-1.3970

Today’s expected range for the Canadian Dollar against Sterling is 1.8200-1.8270

The US Dollar is mixed this morning as it is unchanged against the Euro, weaker against Sterling and stronger against the Yen and Canadian Dollar. Overnight the big news was the Chinese growth in the fourth quarter of last year beat market expectation but on the down side it was the weakest Chinese growth report in over 24 years. In the UK the Pound continues to gain some strength as Euro investors continue to sell the Euro and buy Pounds ahead of Thursdays all-important ECB announcement.

Oil continues to flounder this morning trading down to $46 a barrel as the International Monetary Fund came out and downgraded global growth for 2015 to 3.5%, hopefully the stimulus program that the ECB announces on Thursday will bring some like back into the Global economy. It also looks like some safe haven money is moving into gold and gold stocks, the price of Gold has jumped $5 an ounce overnight and it slowly keeps going up.

The Canadian Dollar is weaker this morning as once again we have seen the Loonie start to make small gains and then USD.CAD quickly snaps back higher, we will need a major change in global sentiment before we will see any sustained gains in the Loonie over the next few months.

A quiet day today for economic releases with only Canadian Manufacturing Shipments for November due out, the Canadian Dollar currency market will start to square up positions this morning ahead of the Bank of Canada interest rate announcement tomorrow.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening			4pm close Monday January 19
USD/CAD		1.1982			1.1979				1.1945
CAD/USD		0.8345			0.834				0.8348
EUR/USD		1.157			1.1592				1.1605
EUR/CAD		1.387			1.3888				1.3865
STG/CAD		1.815			1.815				1.8044
AUD/CAD		0.9826			0.9824				0.9806
CAD/JPY		98.98			97.93				98.3600
CAD/CHF		0.7309			0.725				0.7360
CAD/HKD		6.4472			6.4496				6.4670
CAD/CNY		5.1837			5.1901				5.2050
CAD/MXN		12.2383			12.2166				12.2717
Commodities
Gold		$1,287			$1,278				$1,277.00
OIL		$48.08			$48.65				$47.89
US DOLLAR INDEX
OPEN		92.84			92.51				92.54
US 10YR YIELD		1.81%			1.84%				1.84%