Good Morning,
Today’s suggested range for the Canadian dollar against the US Dollar is 1.0210 – 1.0310.
Today’s suggested range for the Canadian dollar against the Euro is 1.2730-1.2850
Today’s suggested range for the Canadian dollar against Sterling is 1.5910-1.6025
The US Dollar is marginally
weaker this morning as the European equity markets and the Euro were able to
pull back some strength on positive economic news coming out of Europe. In
Switzerland the GDP reported much better than expected growth numbers, The UK
reported much better than expected, Ireland in a nationwide referendum is
expected to pass the EU Fiscal treaty today and finally Germany reported better
than expected unemployment numbers. Overall a great night for Europe and the
Euro as it rose to trade back above 1.2500 against the Greenback but
unfortunately it does not get rid of the Spanish and Greek problems so I am not
sure just how far the Euro can rally at the moment.
The Canadian dollar was able to pull back a little strength against the US dollar last but is still trading in narrow overnight ranges, with the strength in the Euro and Sterling overnight the Loonie did lose a bit of ground to those currencies but is still at long-term highs against both of them making them attractive buys at the moment.
Trading today will be
dominated by the US GDP report where we are expecting an annualized growth rate
of 1.9%, anything higher than that should give equity markets a boost and the
US dollar should fall back a bit, if it is worse than expectation I think we
should see USD.CAD break above 1.0300. The market will then set up for
tomorrow’s release of the US employment report.The Canadian dollar was able to pull back a little strength against the US dollar last but is still trading in narrow overnight ranges, with the strength in the Euro and Sterling overnight the Loonie did lose a bit of ground to those currencies but is still at long-term highs against both of them making them attractive buys at the moment.
Have a great day
Mike
| GFX Morning Currency Rates | |||||||
| Thursday May 31, 2012 | |||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0272 | 1.0288 | |||||
| CAD/USD | 0.9735 | 0.972 | |||||
| EUR/USD | 1.2403 | 1.243 | |||||
| EUR/CAD | 1.2742 | 1.2789 | |||||
| STG/CAD | 1.5928 | 1.6029 | |||||
| AUD/CAD | 1.0004 | 1.0037 | |||||
| CAD/JPY | 76.67 | 76.81 | |||||
| CAD/CHF | 0.9421 | 0.9383 | |||||
| CAD/HKD | 7.5526 | 7.5412 | |||||
| CAD/CNY | 6.1968 | 6.176 | |||||
| CAD/MXN | 14.1209 | 13.6153 | |||||
| Commodities | |||||||
| Gold | $1,564 | $1,547 | |||||
| OIL | $88.03 | $89.06 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 14.36% | 13.26% | |||||
| 1 Week | 10.71% | 10.68% | |||||
| 1 Month | 11.20% | 11.05% | |||||
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