GFX Morning FX Commentary April 11th, 2013

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0075-1.0150    

Today's expected range for the Canadian Dollar against the Euro is 1.3230-1.3300

Today's expected range for the Canadian Dollar against Sterling is 1.5530-1.5600

The US Dollar is marginally weaker as Euro and Sterling both jumped a little higher, EURO.USD rose to trade at 1.3140 and GBP.USD rose to trade up above 1.5400. I am not sure why the Euro is stronger, the only news released last night showed that loans to companies in China picked up in March so that economy might be picking up steam again, other than that this could be a market reaction to the Federal Reserve minutes that seemed to indicate committee members favour leaving stimulus in place in the USA until the end of the year. I still look to sell both the Euro and Sterling on these types of moves, I am not convinced that they can hold onto strength long-term given their ongoing problems.

The Canadian Dollar has been able to garner a little strength as USD.CAD dropped to trade near the 1.0100 level, EURO.CAD moved lower as well trading near 1.3250. Again I don’t think this was anything other than a market reaction to the weaker US Dollar overnight, fundamentally nothing has changed and we most likely will continue to trade in a tight range today.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0087			1.0146
CAD/USD		0.9913			0.9856
EUR/USD		1.3126			1.0397
EUR/CAD		1.3243			1.3294
STG/CAD		1.5526			1.5533
AUD/CAD		1.067			1.0681
CAD/JPY		0.9863			98.06
CAD/CHF		0.92			0.9168
CAD/HKD		7.6729			7.6278
CAD/CNY		6.1397			6.1017
CAD/MXN		11.9904			11.9628
Commodities
Gold		$1,558.00			$1,580.00
OIL		$94.53			$93.84
US DOLLAR INDEX
P.CLOSE		82.45			82.45
OPEN		82.22			82.45