Todays
suggested range for the Canadian dollar against the US Dollar is .9825 - .9925.
Todays suggested range for the Canadian dollar against the Euro is 1.3100-1.3200
Todays
suggested range for the Canadian dollar against Sterling is 1.5700-1.5800
The US Dollar is mixed this morning as it is weaker
against the high yielding currencies (currencies of countries that have higher
interest rates than most others) and stronger against the Euro. The Euro is marginally
weaker this morning as an EU report is calling for Ireland to increase spending
cuts so it hits its deficit targets, I think I might be having a case of deja-vu
as write this where have I seen this situation play out before…hmmmm, sounds
very familiar.
The Dollar is losing ground to currencies like the
Norwegian Kroner, Aussie and New Zealand Dollar's and of course the Canadian
Dollar as it looks like global investors are moving out of Europe and into
stable economies where they can get a little more yield on their investments
with little risk, if this trend continues over the short term it should
continue to push USD.CAD lower
Yesterday saw US Fed Chairman Ben Bernanke deliver an
upbeat speech on the US economy where he said that the rise in employment has
been surprising and that the recent rise in gasoline prices while temporary
will reduce consumer spending and weaken the recovery, he all but ruled out any
further Quantative easing in the next little while. On this report the equity
markets gave up some gains and the Greenback recovered against the Euro and was
able to push stronger overnight.
The Loonie traded in a narrow range overnight but it did
hang onto yesterday's strength and it looks to me that it will start to trade
back and forth around the .9900 level for the next little while, previously it
traded for a number of weeks around par so I will not be surprised if it takes
on the same pattern but around the .9900 level instead of par.
For today we start a new month of economic data with
the release of lots of secondary data both in Canada and the USA and then the market will set up for the
release of Canada’s GDP report for the 4th quarter tomorrow. For today with equity
markets pointing a bit higher to start the month look for USD.CAD to test a bit
lower but I think we will see it settle into a new range and trade back and forth
around .9900.
Have a great day and a great month, hard to believe it
is already March
Mike
online site at www.gfxpartners.ca *
GFX FOREIGN EXCHANGE MORNING UPDATE
Thursday, March-01-12
Market Indicators * For current market prices please contact our currency advisors or visit
ouronline site at www.gfxpartners.ca *
Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
USD/CAD | 0.986 | 0.99 | |||||
CAD/USD | 1.0142 | 1.01 | |||||
EUR/USD | 1.3324 | 1.3446 | |||||
EUR/CAD | 1.3139 | 1.3305 | |||||
STG/CAD | 1.5722 | 1.5765 | |||||
AUD/CAD | 1.0621 | 1.071 | |||||
CAD/JPY | 82.15 | 81.37 | |||||
CAD/CHF | 0.917 | 0.9067 | |||||
CAD/HKD | 7.8637 | 7.847 | |||||
CAD/CNY | 6.3862 | 6.3539 | |||||
Commodities | |||||||
Gold | $1,711 | $1,788 | |||||
OIL | $107.20 | $107.05 | |||||
Option Volatility | |||||||
Canada | |||||||
O/N | 12.00% | 10.67% | |||||
1 Week | 9.30% | 8.26% | |||||
1 Month | 8.85% | 8.46% | |||||
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