Today's expected range for the Canadian Dollar against the US Dollar is .9910-1.0000
Today's expected range for the Canadian Dollar against the Euro is 1.3200-1.3300
Today's expected range for the Canadian Dollar against Sterling is 1.5770-1.5900
The US Dollar is marginally weaker this morning in very thin trading conditions and narrow ranges. The Euro reached a 2-month high against the Greenback as there is now speculation that the talks between all the political parties in Greece will come up with enough austerity measures to allow the money to flow through next month, until this deal is finalised currency markets will remain quiet as traders will not risk a wild swing on the outcome of the talks. A positive resolution and the Euro should rally a negative resolution and EURO.USD should fall back towards 1.3000.
There is not a lot to say about the Canadian dollar as yet again it had a very narrow trading range and continues to await events to play out in Europe, yesterday saw the Loonie stage a mini-rally as the Canadian building permits came in much stronger than expected and housing prices remained strong, the average home price in Toronto is now over $600k, not much chance for young people to be buying homes in the future. Between high home prices and foreign investors the Condo market in Toronto should remain strong over the medium-term helping to keep up the demand for the Canadian Dollar.
For today everything will depend on any news out of Greece which I think we will receive at some point this afternoon, ahead of that I think the CAD market will be very quiet but the equity markets are pointing slightly higher so I think the first move for USD.CAD will be lower, if we do get a resolution to Greece today I think we will see at least .9925 trade today, once again for US Dollar sellers between .9975 and 1.0000 are good levels to leaver your orders to try and get some extra value on any US Dollar pullback.
Have a great day
Mike
GFX FOREIGN EXCHANGE MORNING UPDATE
Wednesday, February-08-12
* For current market prices please contact
our currency advisors or visit our
on line site at www.gfxpartners.ca *
Currencies
|
7:00am Today's Opening
|
Yesterday's Opening
|
|||||
USD/CAD
|
0.995
|
0.9981
|
|||||
CAD/USD
|
1.005
|
1.0019
|
|||||
EUR/USD
|
1.3272
|
1.3114
|
|||||
EUR/CAD
|
1.3207
|
1.3092
|
|||||
STG/CAD
|
1.581
|
1.5779
|
|||||
AUD/CAD
|
1.077
|
1.0735
|
|||||
CAD/JPY
|
77.35
|
76.89
|
|||||
CAD/CHF
|
0.9167
|
0.9215
|
|||||
CAD/HKD
|
7.7916
|
7.77
|
|||||
CAD/CNY
|
6.3222
|
6.3134
|
|||||
Commodities
|
|||||||
Gold
|
$1,749
|
$1,716
|
|||||
OIL
|
$99.54
|
$96.21
|
|||||
Option Volatility
|
|||||||
O/N
|
12.14%
|
12.93%
|
|||||
1 Week
|
9.38%
|
9.88%
|
|||||
1 Month
|
9.33%
|
9.52%
|
MORNING COMMENTARY
MARKET BETTING ON A
FAVOURABLE RESOLUTION TO THE GREEK RESTRUCTURING
Stock
markets climbed higher in Asia on better than expected corporate earnings from
Toyota.
In
Europe investor sentiment is positive with stocks gaining on hopes of a
favourable resolutionto the Greek debt restructuring. Also coming into focus is tomorrows ECB meeting on interest rates
which are expected to hold at the current 1%. The Euro hit a 2 month high overnight as further
unwinding of short positions ensued ahead of the Greek announcement.
The Canadian dollar is unchanged from where we closed and was held to extremely tight ranges
overnight. Dow futures are pointing higher by 20 in pre-market with commodities holding steady.
Limited economic data in North America today will have markets on the sidelines waiting for news
on a Greek resolution. In Canada this morning we have housing starts for January.
The information, opinions, estimates,
projections and other materials contained herein are provided as of the date
hereof and are subject to change without notice. Some of the information,
opinions, estimates, projections and other materials contained herein have been
obtained from numerous sources, and, notwithstanding GFX Partners Inc. (GFX)
makes every effort to ensure that the contents thereof have been compiled or
derived from sources believed to be reliable and to contain information and
opinions which are accurate and complete, GFX has not independently verified
and makes no representation or warranty, express or implied, in respect thereof
and takes no responsibility for any errors and omissions which may be contained
therein. GFX shall not be liable for any loss arising from any use of or
reliance on the information, opinions, estimates, projections and other
materials contained herein whether relied upon by the recipient or user or any
other third party (including, without limitation, any customer of the recipient
or user). The information, opinions, estimates, projections and other
materials contained herein shall not be considered as investment advice or as a
recommendation to enter into any transaction. GFX, its affiliates, and/or their
respective shareholders, directors, officers and/or employees may from time to
time have long or short positions in any such products (including, without
limitation, commodities, securities or other financial instruments).
Information may be available to GFX
which is not reflected herein and such additional information, if any, is
available by contacting GFX directly.
No comments:
Post a Comment