Today’s
suggested range for the Canadian dollar against the US Dollar is .9920 –
1.0020.
Today’s
suggested range for the Canadian dollar against the Euro is 1.3120-1.3220
Today’s
suggested range for the Canadian dollar against Sterling is 1.5750-1.5875
The US Dollar is considerably stronger this morning as
equity markets continue to decline on concerns about global growth slowing and
in particular concerns about the world's economic engine China slowing. In
addition this morning the Euro was once again sold off as the 4th quarter
Euro-Zone GDP numbers showed a decline in growth of 0.3%, further evidence that
the overall European economy is in a mild recession. When you combine this with
the improving numbers out of the States it is no wonder that the Greenback is
seen as doing better over the medium term at the expense of the Euro.
I have not talked much about Sterling lately as it has
been relatively stable but it too is weaker this morning as they too reported poor
economic numbers leading investors to the realization that the Bank of England
may but in another round of Quantative easing into the economy this week,
Sterling should continue to trade with a weak bias for the foreseeable future.
With the renewed vigor of the US Dollar it did not take
the Canadian Dollar long to give up its recent bout of strength and once again
we are back near parity this morning, the Loonie is back to being dragged back
and forth by movements in the equity markets and less by Canadian fundamentals,
I will be very interested to see what the Bank of Canada says this week about
all the developments in the Global economy since they last reported and what effect
they are having on the Canadian economy.
It is going to be a very bad day on Wall and Bay
streets with the Dow Jones futures pointing down almost 100 on the opening so
in reality we should see USD.CAD move above 1.0000 at some point this morning. There
are no economic reports due out from North American today so US Dollar buyers
need to look at .9950 as a good short-term buying opportunity and US dollar
sellers should get a chance today to sell above par but I would not expect a
big jump above par until possibly later in the week, it all depends on the Bank
of Canada and the Employment reports on Friday
Have a great day
Mike
GFX FOREIGN EXCHANGE MORNING UPDATE
Tuesday, March-06-12
Market Indicators * For current market prices please contact our currency advisors or visit
ouron line site at www.gfxpartners.ca *
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9993 | 0.9955 | |||||
| CAD/USD | 1.0007 | 1.0045 | |||||
| EUR/USD | 1.3133 | 1.3186 | |||||
| EUR/CAD | 1.3126 | 1.3128 | |||||
| STG/CAD | 1.5761 | 1.575 | |||||
| AUD/CAD | 1.0585 | 1.0627 | |||||
| CAD/JPY | 81.03 | 81.6 | |||||
| CAD/CHF | 0.9181 | 0.9189 | |||||
| CAD/HKD | 7.7662 | 7.7969 | |||||
| CAD/CNY | 6.309 | 6.3315 | |||||
| Commodities | |||||||
| Gold | $1,687 | $1,698 | |||||
| OIL | $106.11 | $106.15 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 11.84% | 11.72% | |||||
| 1 Week | 9.16% | 8.98% | |||||
| 1 Month | 8.83% | 8.57% | |||||
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