Good
Morning,
Today’s
suggested range for the Canadian dollar against the US Dollar is 1.0220 –
1.0295
cover with the expectations of a messy Greek exit from the Euro. The EUR/USD once again
flirted with its recent 22 month low only to bounce back, but the rallies are limited.
Pressure seems to be mounting for the European Central Bank to be more pro-active
and provide stimulus to the Euro-zone. The U.S. holiday weekend could still prompt
some unwinding of long U.S. Dollar positions. The Canadian dollar remains stuck on
the 1.0200 handle and should remain lackluster given the lack of economic releases today
in North America. The only release due out today is the U.S. U of Michigan confidence
survey at 9:55am. The stock markets were uneventful overnight and the Dow futures are
oscillating around the flat line. Both oil and gold edged slightly higher overnight.
Yesterday there was some talk that the Swiss National Bank might look to raise the floor
on EUR/CHF which is pegged at 1.2000 with the actual price at 1.2025. Should the SNB
act it would certainly prompt some short Euro covering.
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GFX Morning Currency Rates
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Friday May 25, 2012
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Currencies
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7:00am Today's Opening
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Yesterday's Opening
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USD/CAD
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1.0252
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1.0236
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CAD/USD
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0.9754
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0.9769
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EUR/USD
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1.2578
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1.2579
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EUR/CAD
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1.2897
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1.2879
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STG/CAD
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1.6074
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1.6048
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AUD/CAD
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1.0037
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1.0015
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CAD/JPY
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77.53
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77.51
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CAD/CHF
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0.9312
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0.9321
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CAD/HKD
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7.5626
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7.583
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CAD/CNY
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6.185
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6.1951
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CAD/MXN
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13.6423
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13.6173
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Commodities
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Gold
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$1,563
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$1,566
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OIL
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$91.05
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$90.96
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Option Volatility
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Canada
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O/N
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10.63%
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15.03%
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1 Week
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10.39%
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11.28%
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1 Month
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11.13%
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11.50%
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