Today's
expected range for the Canadian Dollar against the US Dollar is .9925-1.0025
Today's
expected range for the Canadian Dollar against the Euro is 1.2970-1.3000
Today's
expected range for the Canadian Dollar against Sterling is 1.6070-1.6200
The
US Dollar is marginally stronger this morning as the world's currency markets
await the news of the political parties in Greece forming a new Government and
if that Government will be either pro austerity or want to pull Greece out of
the union, until this situation gets resolved markets will be very nervous.
Tensions
between France and Germany continue to increase as the battle over austerity
vs. stimulus will now heat up, I will be very surprised if these two leaders
get along at all, not a very pretty picture and the Euro should remain under
pressure for a while.
Sterling
is a little weaker this morning as well, in the UK a report showed that home
prices fell again showing no signs of a recovery in the UK housing markets.
The
Canadian dollar is really quite resilient against the US Dollar at the moment
but it is ever so slowly moving back towards parity, with the current situation
in Europe I would expect USD.CAD to move higher in the coming days. The
Canadian market should remain fairly quiet ahead of the release of the Canadian
jobs report on Friday.
For
today with equity markets pointing a lot lower I think you should see USD.CAD
test a bit higher but until the Greek situation is resolved I think you will
see narrow trading ranges for USD.CAD. For buyers of Euro and Sterling you
should see better opportunities in the coming days especially if we get an
anti-austerity coalition government in Greece.
Have
a great day
Mike
GFX
Morning Currency Rates
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Tuesday, May 08 2012
|
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| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9976 | 0.9952 | |||||
| CAD/USD | 1.0024 | 1.0048 | |||||
| EUR/USD | 1.3022 | 1.3036 | |||||
| EUR/CAD | 1.2994 | 1.2976 | |||||
| STG/CAD | 1.6105 | 1.6092 | |||||
| AUD/CAD | 1.011 | 1.0143 | |||||
| CAD/JPY | 79.86 | 80.17 | |||||
| CAD/CHF | 0.924 | 0.9253 | |||||
| CAD/HKD | 7.7782 | 7.7975 | |||||
| CAD/CNY | 6.3205 | 6.3347 | |||||
| CAD/MXN | 13.27 | 13.2649 | |||||
| Commodities | |||||||
| Gold | $1,627 | $1,641 | |||||
| OIL | $96.79 | $98.00 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 11.43% | 10.22% | |||||
| 1 Week | 8.69% | 9.17% | |||||
| 1 Month | 8.55% | 8.91% | |||||
Today's Economic Calendar
CANADA
Housing Starts for April (08:15am)
USA
None
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