Today’s
expected range for the Canadian Dollar against the US Dollar is .9800-.9870
Today’s
expected range for the Canadian Dollar against the Euro is 1.2960-1.3030
Today’s
expected range for the Canadian Dollar against Sterling is 1.5940-1.6010
The
US Dollar is marginally weaker this morning in very quiet FX markets, the
market continue to monitor the US fiscal cliff talks where the Republicans have
agreed a trillion dollars’ worth of tax increases if the President agrees a
similar amount of spending cuts. In China the government is talking about a
target growth rate of 7.5% for their economy next year (would that not be nice
here in Canada) and in Japan the new government is pressuring the Bank of Japan
to announce a new round of stimulus measures and to raise the inflation target
to 3.5%. The Euro only had a 30 point range last night which has been the
smallest trading range in weeks.
The
Canadian Dollar is very quiet with a 15 point overnight trading range and with
no major economic releases until Thursday we may see more of the same from the
North American market, I would not expect USD.CAD to move much today. Equity markets
are pointing higher to start the day so we may see USD.CAD move back towards
the .9825 level but I would not expect much more strength than that. Given how
quickly USD.CAD can move back higher on any negative news I would still look
for US Dollar buyers to take on some forward contracts at current levels and US
Dollar sellers need to be ready if we see any quick pullbacks above .9875.
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9846 | 0.9871 | |||||
| CAD/USD | 1.0154 | 1.0131 | |||||
| EUR/USD | 1.3178 | 1.3151 | |||||
| EUR/CAD | 1.2977 | 1.2983 | |||||
| STG/CAD | 1.5455 | 1.5992 | |||||
| AUD/CAD | 1.0368 | 1.0378 | |||||
| CAD/JPY | 85.13 | 84.82 | |||||
| CAD/CHF | 0.9303 | 0.9304 | |||||
| CAD/HKD | 7.8659 | 7.8493 | |||||
| CAD/CNY | 6.3261 | 6.3147 | |||||
| CAD/MXN | 12.9255 | 12.9523 | |||||
| Commodities | |||||||
| Gold | $1,699 | $1,693 | |||||
| OIL | $87.71 | $86.65 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 6.50% | 6.90% | |||||
| 1 Week | 5.12% | 5.15% | |||||
| 1 Month | 5.05% | 5.10% | |||||
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