Today's
expected range for the Canadian Dollar against the US Dollar is 1.0180-1.0260
Today's expected range for the Canadian Dollar against the Euro is 1.3570-1.3650
Today's expected range for the Canadian Dollar against Sterling is 1.5100-1.5175
The
US Dollar is mixed this morning as it is weaker against the Euro and stronger
against Sterling. In the UK the pound has dropped to levels last seen in July
2010 against the Greenback and the Euro as Moody's announced a lowering of the
UK credit rating to Aa1 from AAA after the markets closed on Friday. This move
was not totally unexpected as the ongoing recession in the UK has left the
Government running high deficits, we look for Sterling to trade with a weak
bias for the foreseeable future.
In
Europe the Euro is trading stronger against the US Dollar as the Italian Democratic
party is expected to be able to form a coalition government and keep the
austerity measures in place after the results of today's election. If on the
other hand Berlusconi’s party fares better than expected then the Euro should
trade weaker over the immediate short-term. With the overnight strength in the
Euro, EURO.CAD has jumped much higher over the weekend and looks like it wants
to break back above 1.3600.
The
Canadian Dollar continues to trade weaker against the US Dollar and is now
firmly entrenched above the 1.0200 level but only traded in a narrow overnight
range. Given all the hoopla surrounding the Euro and Sterling at the moment I would
not expect much of a spotlight to be on the Loonie this week so I am not looking
for any dramatic trading ranges.
Up
today we do get a lot of secondary data out of the US today so I won’t be
surprised if we do get some enhanced volatility but it may be more EURO.CAD
moving than USD.CAD. For the short-term it still looks like USD.CAD has room to
go higher but we may yet see some Canadian Dollar strength over the medium
term.
Mike
Have
a great day.Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0227 | 1.0188 | |||||
| CAD/USD | 0.9778 | 0.9812 | |||||
| EUR/USD | 1.3276 | 1.3172 | |||||
| EUR/CAD | 1.3581 | 1.3423 | |||||
| STG/CAD | 1.5485 | 1.5558 | |||||
| AUD/CAD | 1.0537 | 1.0524 | |||||
| CAD/JPY | 91.63 | 91.45 | |||||
| CAD/CHF | 0.9043 | 0.9143 | |||||
| CAD/HKD | 7.5623 | 7.59 | |||||
| CAD/CNY | 6.0921 | 6.1214 | |||||
| CAD/MXN | 12.5093 | ||||||
| Commodities | |||||||
| Gold | $1,592 | $1,579 | |||||
| OIL | $94.24 | $92.98 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 6.05% | 6.00% | |||||
| 1 Week | 7.42% | 7.40% | |||||
| 1 Month | 6.92% | 6.90% | |||||
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