Today's
expected range for the Canadian Dollar against the US Dollar is 1.0140-1.0220
Today's
expected range for the Canadian Dollar against the Euro is 1.3420-1.3500
Today's
expected range for the Canadian Dollar against Sterling is 1.5545-1.5620
The
US Dollar staged a big rally yesterday as the US Federal Reserve indicated that
they are considering removing their quantative easing program earlier than
previously considered, on this announcement US equity markets dropped, the Euro
and Pound were hit hard and the Loonie gave up a little bit of strength.
In
overnight markets the same trend continued as equity markets were all lower and
the Euro continued to drop. The Euro traded below 1.3200 for the first time in
weeks as a poor manufacturing and services report showed the economy is slowing
faster than thought in the EU region. This market reaction shows just how
closely the world's financial markets are watching any moves by the Fed, a
single statement that they are considering ending the QE program and markets go
crazy.
The
Canadian Dollar continues to weaken but with all that is happening with the
Euro and other currencies the Canadian Dollar is actually faring quite well
against the Greenback. USD.CAD is back trading at the high end of the recent
range and I think at some point should test above 1.0200, I am not convinced
that it will hold very long above that level but if world markets continue to
be nervous about the Fed then the Loonie will remain vulnerable.
Up
today we get a slew of US economic data including US inflation data ,leading indicators and
Philly Fed index. All of these should be watched closely by the equity and
currency markets so I am expecting a bit of volatility. Make sure you have your
orders in early today to take advantage of any sudden moves.
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0185 | 1.0137 | |||||
| CAD/USD | 0.9815 | 0.9863 | |||||
| EUR/USD | 1.3185 | 1.3389 | |||||
| EUR/CAD | 1.3431 | 1.3573 | |||||
| STG/CAD | 1.5537 | 1.5518 | |||||
| AUD/CAD | 1.0447 | 1.0464 | |||||
| CAD/JPY | 91.18 | 92.26 | |||||
| CAD/CHF | 0.9145 | 0.9088 | |||||
| CAD/HKD | 7.5929 | 7.6281 | |||||
| CAD/CNY | 6.1235 | 6.1518 | |||||
| CAD/MXN | 12.5715 | 12.5056 | |||||
| Commodities | |||||||
| Gold | $1,572 | $1,592 | |||||
| OIL | $94.05 | $96.97 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 6.50% | 5.50% | |||||
| 1 Week | 7.45% | 6.59% | |||||
| 1 Month | 6.92% | 6.26% | |||||
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