GFX Morning Commentary June 12th, 2013

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0135-1.0220

Today’s expected range for the Canadian Dollar against the Euro is 1.3470-1.3550

Today’s expected range for the Canadian Dollar against Sterling is 1.5900-1.5975

The US Dollar is marginally weaker this morning in fairly quiet trading markets. Sterling is a bit higher as the jobless claims report showed better than expected results sending bit of hope into the UK economy. Sterling is at a three week high against the Euro so Sterling is enjoying a bit of a respite at the moment.

The US Dollar is a bit weaker against the Yen and currency traders sold the Yen figuring the it had strengthened too far too fast, The Aussie was also able to pull back some of its losses from the past few sessions as speculators took advantage of cheaper Australian and New Zealand dollars.

The Canadian Dollar had a back and forth night in relatively quiet conditions, USD.CAD at one point did make a move above 1.0200 but it was not able to hold and the Loonie rallied back to trade below 1.0200. Given that the Aussie recovered during the night Canada should be able to hold onto its gains and as long as there are no surprises we may see a test of 1.0150 today.

With a very quiet economic calendar today I am not expecting all that much activity, intraday buyers of USD should have their orders around the 1.0175 to 1.0150 levels and sellers should think about lowering any 1.0300 and 1.0400 orders down closer to the 1.0200 to 1.2050 levels, getting back up to 1.0300 and 1.0400 will take a big push now.

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0178			1.0239
CAD/USD		0.9825			0.9766
EUR/USD		1.3279			1.3279
EUR/CAD		1.3519			1.3607
STG/CAD		1.5942			1.5729
AUD/CAD		0.9712			0.9564
CAD/JPY		94.9			0.9454
CAD/CHF		0.9112			0.905
CAD/HKD		7.6073			7.5567
CAD/CNY		6.0256			5.9874
CAD/MXN		12.5255			12.7194
Commodities
Gold		$1,376.00			$1,368.00
OIL		$95.54			$95.16
US DOLLAR INDEX
P.CLOSE		81.26			81.92
OPEN		81.46			81.66