Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0100-1.0170
Today’s
expected range for the Canadian Dollar against the Euro is 1.2970-1.3050
Today’s
expected range for the Canadian Dollar against Sterling is 1.5300-1.5370
The
US Dollar is marginally weaker this morning in very quiet overnight trading, EURO.USD has moved a bit higher to trade at
1.2835 but is very quiet despite the announcement that the IMF will provide a
billion Euros in financing to Cyprus. I am not quite sure if this is part of
the financing package previously arranged for Cyprus last week or an additional
Billion to help them out but either way the currency markets are ignoring the
announcement. Italy announced that parliament will start to vote on a new
President April 18th, if they can’t agree on who to elect you may
see a new national election called which will force the Euro lower because of
the uncertainty it will cause.
The
Canadian Dollar is exactly where we left it yesterday as it did not have much of
an overnight trading range, EURO.CAD has fallen a bit and is now trading at
1.3000. I fear the Canadian market will stay stagnant until we get some major
news that want’s to push the currency one way or another. We do get a reading
today on the US services part of the economy but as we have seen lately all the
news of out of the USA has been positive so I am not expecting any surprises.
With
all the global uncertainty on the economy at the moment I still worry that
money will flow into the United States driving USD.CAD higher, US dollar buyers
may still want to consider some forwards at these levels. Just a note on the rhetoric
coming out of North Korea, I don’t for a second think anything will happen but
the current leader seems to be a lunatic and if any shooting starts looks for
global equity markets to take a big hit and the US dollar to surge.
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0136 | 1.0128 | |||||
| CAD/USD | 0.9866 | 0.9873 | |||||
| EUR/USD | 1.2818 | 1.2854 | |||||
| EUR/CAD | 1.2996 | 1.2999 | |||||
| STG/CAD | 1.5318 | 1.5384 | |||||
| AUD/CAD | 1.0616 | 1.0606 | |||||
| CAD/JPY | 92.22 | 92.06 | |||||
| CAD/CHF | 0.9355 | 0.934 | |||||
| CAD/HKD | 7.6361 | 7.6429 | |||||
| CAD/CNY | 6.1158 | 6.1182 | |||||
| CAD/MXN | 12.111 | 12.197 | |||||
| Commodities | |||||||
| Gold | $1,569.00 | $1,596.00 | |||||
| OIL | $96.73 | $97.00 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 83.1 | 82.89 | |||||
| OPEN | 83.08 | 82.89 | |||||
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