Today’s
expected range for the Canadian Dollar against the US Dollar is 1.2425-1.2525
Today’s
expected range for the Canadian Dollar against the Euro is 1.3660-1.3760
Today’s
expected range for the Canadian Dollar against Sterling is 1.8925-1.9025
This
will be the last “From the Desk of GFX”, as of Monday it will be called “From
the Desk of AFEX”, life is made of many adventures and we at GFX are on to the
next one. It has been a great privilege to write this commentary over the last
10 years and I want to thank all readers for all their input, I hope that you
found some value in it and it helped you to make some informed choices when doing
your FX transactions. I am greatly looking forward to my time at AFEX, we will
be able to accomplish great things.
The
US Dollar is stronger again this morning as the currency market digests the ECB
stimulus plan and gets ready for today’s US Employment report (the Canadian
report is next Friday). Yesterday saw the ECB announce their stimulus program which
will consist of some 60 Billion Euro’s worth of bond purchases as they want to
see inflation rise back up to the 2.0% level, I have to believe that this
program will at least last two years and possibly longer, Europe is such a mess
at the moment. EURO.USD is down trading
at 1.0940 another 11-year low for the currency pair, when the Euro was first
introduced on January 1st 1999 the Euro traded at a discount to the
Greenback, I have to think we will see those levels again.
Nothing
new to report on the Loonie, once again it is range trading and anytime we see
the Loonie garner some strength against the Greenback it seems to give it right
back. With the weakness in the Euro and Sterling at the moment, the Loonie continues
to make gains against those currencies. Euro buyers should be looking at
forward contracts at these levels, if the Loonie does again weaken against the
US Dollar we will see it lose ground to Europe as well.
As mentioned, trading today will be dominated by the US Employment report for February, we are expecting 245k new jobs to have been created ( down a little from last month of 257k). Given the latest US economic data I think the number has the potential to surprise to the topside so we could see a jump in USD.CAD, regardless of what the number is I think we will see some enhance volatility. We also have Trade data due out for both Canada and the US so it should be a busy morning.
Just reminder that we will be closing the office
today at 3:00 pm to facilitate our move to the AFEX offices.
Have
a great weekend, warm weather is on the horizon!!
Mike
GFX
Morning Currency Rates
|
||||||||||
Currencies | 7:00am Today's Opening | Yesterday's Opening | 4pm close Thursday | |||||||
USD/CAD | 1.2466 | 1.2416 | 1.2506 | |||||||
CAD/USD | 0.8022 | 0.8025 | 0.7996 | |||||||
EUR/USD | 1.095 | 1.1043 | 1.1025 | |||||||
EUR/CAD | 1.3654 | 1.3714 | 1.3793 | |||||||
STG/CAD | 1.8914 | 1.8928 | 1.9049 | |||||||
AUD/CAD | 0.9735 | 0.9695 | 0.9719 | |||||||
CAD/JPY | 96.26 | 96.75 | 96.04 | |||||||
CAD/CHF | 0.7835 | 0.78 | 0.7787 | |||||||
CAD/HKD | 6.1985 | 6.2243 | 6.1796 | |||||||
CAD/CNY | 5.0221 | 5.0452 | 5.0089 | |||||||
CAD/MXN | 12.2027 | 12.1684 | 12.1734 | |||||||
Commodities | ||||||||||
Gold | $1,195 | $1,200 | $1,200 | |||||||
OIL | $50.83 | $52.11 | $52.11 | |||||||
US DOLLAR INDEX | ||||||||||
OPEN | 96.72 | 96.2 | 96.38 | |||||||
US 10YR YIELD | 2.12% | 2.13% | 2.10% |