GFX Morning FX Commentary April 24th, 2013

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0220-1.0300

Today's expected range for the Canadian Dollar against the Euro is 1.3320-1.3400

Today's expected range for the Canadian Dollar against Sterling is 1.5630-1.5720

The US Dollar is marginally weaker this morning in very quiet overnight markets. Both the Euro and Sterling have shrugged off poor economic numbers to trade higher against the US Dollar. In the UK it was a poorer than expected Retail Sales report that initially pushed Sterling lower, in Germany it was a poor Business Confidence survey that initially hit the Euro, as the morning wore on both EURO.USD and GBP.USD moved a little higher. These poor numbers out of Europe are starting to raise the expectation that the ECB will cut rates next week and it is unlikely that the Bank of England will cut their stimulus program anytime soon, I still look for both of these currencies to trade weaker.

Not much to say about the Loonie, it is still mired in recent ranges and even the stronger than expected Retail Sales number for February could not move USD.CAD. With only US Durable Goods on tap this morning there is very little that I see in the next day or two that will get the Loonie moving, with all the uncertainty around the global economy I still favour a gradual move higher for USD.CAD but it may take a while.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0255			1.0277
CAD/USD		0.9751			0.973
EUR/USD		1.3012			1.2984
EUR/CAD		1.3346			1.3347
STG/CAD		1.5675			1.5648
AUD/CAD		1.0542			1.0249
CAD/JPY		97.11			95.84
CAD/CHF		0.9218			0.9148
CAD/HKD		7.5501			7.5325
CAD/CNY		6.0215			6.0095
CAD/MXN		11.9438			11.9851
Commodities
Gold		$1,420.00			$1,413.00
OIL		$89.81			$88.45
US DOLLAR INDEX
P.CLOSE		83.15			82.78
OPEN		83.07			83.1