Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0260-1.0330
Today’s
expected range for the Canadian Dollar against the Euro is 1.3350-1.3430
Today’s expected range for the Canadian Dollar against Sterling is 1.5290-1.5370
The
US Dollar is unchanged against most currency but very strong against the
Japanese yen as the market digests the strong employment numbers out of the US
and a Fitch downgrade of Italy. Overnight European equity markets dropped off
as Fitch downgraded Italian sovereign debt on the unresolved election issues,
the Euro did drop off a little but is basically unchanged from our close
Friday. The currency markets still like the US dollar and Friday’s strong jobs report
seem to underline this fact.
The
Canadian Dollar is marginally weaker from its close on Friday, once again the Canadian
economy surprised all the economists by creating 50+ new jobs when they were
only expecting some 7K new jobs to have been created, I am constantly amazed
just off far off the mark these bank economist can be with their predictions. Shortly
after the number the Loonie dropped rapidly with USD.CAD falling towards 1.0250
but then spent the rest of the day slowly moving back towards 1.0300. It
certainly looks right now that the US Dollar is just too strong for any
short-term Canadian Dollar strength be maintained.
With
no economic news out today I am not looking for an overly big trading range ,
US Dollar sellers should be ready with their orders above 1.0300 and US Dollar buyers
should be ready if USD.CAD falls back towards 1.0250.
Have
a great week
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0285 | 1.0302 | |||||
| CAD/USD | 0.9723 | 0.9707 | |||||
| EUR/USD | 1.3002 | 1.3118 | |||||
| EUR/CAD | 1.3371 | 1.3516 | |||||
| STG/CAD | 1.5311 | 1.5494 | |||||
| AUD/CAD | 1.0523 | 1.0583 | |||||
| CAD/JPY | 93.34 | 92.94 | |||||
| CAD/CHF | 0.9241 | 0.9148 | |||||
| CAD/HKD | 7.5395 | 7.5069 | |||||
| CAD/CNY | 6.0455 | 6.0323 | |||||
| CAD/MXN | 12.2556 | 12.3582 | |||||
| Commodities | |||||||
| Gold | $1,578.58 | $1,577 | |||||
| OIL | $91.71 | $91.32 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 9.06% | 8.46% | |||||
| 1 Week | 6.73% | 7.66% | |||||
| 1 Month | 6.69% | 6.70% | |||||
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