Today’s
expected range for the Canadian Dollar against the US Dollar is .9740-.9840
Today’s
expected range for the Canadian Dollar against the Euro is 1.2560-1.2660
Today’s
expected range for the Canadian Dollar against Sterling is 1.5620-1.5720
The
US Dollar is marginally stronger this morning as investors are increasingly worried
about the EU crisis and slowing Global
growth. This morning the IMF reported that European Banks may have to sell
upwards of 4.5 Trillion Euros worth of assets to have enough cash on their
books to operate properly, ALCOA the world’s largest aluminum producer said
they see a 1% drop in global demand for aluminum and Fitch bond rating agency
said the recession in Spain and Italy appears to be intensifying. Once again no
end in sight to the bad news, The US Dollar will continue to benefit on the
safe haven effect.
The
Canadian Dollar is unchanged from yesterday’s Toronto close and traded in a very
narrow overnight range, the Loonie does
remain strong against the Euro and Sterling which tells me that money from
these regions is flowing into Canada for protection. Given our relatively
strong economy when compared to other regions there is no reason to think that the
Canadian Dollar will not benefit in the medium-term.
Over
the short-term there is no reason that I can see that will allow USD.CAD to
break out in either direction, it looks like we will trade back and forth around
the .9800 level for a while yet. For today with North American equity markets
pointing lower to start the day I would expect USD.CAD to test a bit higher and
see if we can get a close above the .9800 level which might get currency
traders exicited.
Have
a great day
Mike| GFX Morning Currency Rates | |||||||
| Wednesday October 10, 2012 | |||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9782 | 0.9768 | |||||
| CAD/USD | 1.0223 | 1.0238 | |||||
| EUR/USD | 1.2864 | 1.2929 | |||||
| EUR/CAD | 1.2584 | 1.2626 | |||||
| STG/CAD | 1.5652 | 1.5639 | |||||
| AUD/CAD | 1.0009 | 0.9972 | |||||
| CAD/JPY | 79.98 | 80.08 | |||||
| CAD/CHF | 0.9613 | 0.9584 | |||||
| CAD/HKD | 7.9192 | 7.9316 | |||||
| CAD/CNY | 6.4835 | 6.4338 | |||||
| CAD/MXN | 13.1682 | 13.1039 | |||||
| Commodities | |||||||
| Gold | $1,764 | $1,773 | |||||
| OIL | $91.90 | $89.54 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 10.38% | 9.54% | |||||
| 1 Week | 7.09% | 6.96% | |||||
| 1 Month | 6.85% | 6.83% | |||||
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