Today's
expected range for the Canadian Dollar against the US Dollar is .9930-1.0030
Today's
expected range for the Canadian Dollar against the Euro is 1.2300-1.2400
Today's
expected range for the Canadian Dollar against Sterling is 1.5580-1.5680
The US Dollar is marginally stronger this morning as poor economic news out of Germany has halted the run up of the Euro. The German Industrial Production report showed a decline of 1.9% after the market was expecting a decline of only 0.8%, clearly economic activity in Germany is slowing and if Germany is the economic engine of the EU, the rest of the Union will be in worse shape.
The
Canadian Dollar continues to hold onto its recent strength trading last night
in a very narrow range, the currency is still being dominated by events outside
of Canada and as long as the rest of the world remains quiet USD.CAD will trade
in very narrow ranges.
I
read an interesting article last night, with the S&P stock index near its
highs the question remains how long can equities stay strong given the signs of
a slowdown in global growth. If stocks are truly set to fall back then as we
have seen in the past USD.CAD will jump higher. if you are a US Dollar buyer and
subscribe to the theory that stocks will decline in the coming months then you
should really be taking advantage of current levels and start buying a lot of
forward contracts.
Up
for today there is nothing in the way of economic releases so look for the Loonie
to trade in a tight range and follow the equity markets, right now New York and
Toronto are pointing lower so I would not be surprised if USD.CAD moves a bit
higher to start the day.
Have
a great day
Mike
GFX
Morning Currency Rates
|
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Wednesday August 08,
2012
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9967 | 0.998 | |||||
| CAD/USD | 1.0033 | 1.002 | |||||
| EUR/USD | 1.2355 | 1.2412 | |||||
| EUR/CAD | 1.2316 | 1.2388 | |||||
| STG/CAD | 1.5896 | 1.5617 | |||||
| AUD/CAD | 1.0527 | 1.0562 | |||||
| CAD/JPY | 78.53 | 78.48 | |||||
| CAD/CHF | 0.9746 | 0.9693 | |||||
| CAD/HKD | 7.7358 | 7.7613 | |||||
| CAD/CNY | 6.3826 | 6.3772 | |||||
| CAD/MXN | 13.2898 | 13.1787 | |||||
| Commodities | |||||||
| Gold | $1,609 | $1,618 | |||||
| OIL | $93.08 | $92.44 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 10.52% | 11.45% | |||||
| 1 Week | 7.83% | 7.96% | |||||
| 1 Month | 7.71% | 7.82% | |||||
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