GFX Morning FX Commentary, April 23, 2012

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar is .9935 – 1.0010

Today’s suggested range for the Canadian dollar against the Euro is 1.3050 – 1.3150

Today’s suggested range for the Canadian dollar against Sterling is 1.6000 – 1.6125

The US Dollar was very mixed in the overnight sessions. In Asia following better than expected

Purchasing managers Index out of China 49.1 vs. 48.3 the US Dollar pulled back especially against
the riskier currencies CAD, AUD and NZD. In Europe the events helped bolster the US Dollar as German PMI disappointed at 46.3 with expectations of 49.0 and the uncertainty of the political outcome in France weighed on the Euro.

In North America the Canadian dollar is hovering around its lows from overnight as the weaker Euro

and stocks, with the Dow futures pointing down a hefty 117 points in pre-market trading add to risk
aversion. The economic calendar in North America is empty today with focus turning to the FOMC
meeting on Wednesday, with no further easing by the Fed expected this month.

Have a great day!

GFX Morning Currency Rates
Monday, April 23 2012
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		0.9966			0.9917
CAD/USD		1.0034			1.0084
EUR/USD		1.3129			1.3193
EUR/CAD		1.3096			1.3085
STG/CAD		1.6036			1.598
AUD/CAD		1.0258			1.026
CAD/JPY		81.35			82.36
CAD/CHF		0.9173			0.9178
CAD/HKD		7.7854			7.8256
CAD/CNY		6.3268			6.3594
CAD/MXN		13.2251			13.2641
Commodities
Gold		$1,633			$1,645
OIL		$103.11			$103.06
Option Volatility
Canada
O/N		11.59%			7.61%
1 Week		8.86%			9.24%
1 Month		8.39%			8.68%