GFX Morning Commentary June 25th, 2013

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0430-1.0530

Today’s expected range for the Canadian Dollar against the Euro is 1.3720-1.3800

Today’s expected range for the Canadian Dollar against Sterling is 1.6150-16230

The US Dollar is marginally weaker in quiet overnight trading conditions, most markets calmed down last night as they took a deep breath from the extreme volatility that we have seen over the past few days.  European equity markets were all slightly higher and North American markets are looking positive to start the day so we should see a bit of a recovery in the currency market today. The US Dollar for the most part traded in narrow range last night, EURO.USD moved a little higher but for the most part was very quiet.

The Canadian Dollar continued to pullback some strength as USD.CAD was not able to hold onto it jump above 1.0500. As long as we see equities move back higher I think that the Canadian Dollar can slowly get stronger, but the risk still remains that uncertainty will once again hit the markets and USD.CAD will quickly jump as we saw last week. US Dollar buyers need to make sure that they do not risk waiting too long for a big pullback before locking in some of their purchases.

Up today we get a slew of US secondary economic activity so we may see some volatility around their release but for the most part if equities have a strong day then we should see USD.CAD move lower.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0473			1.0505
CAD/USD		0.9548			0.9519
EUR/USD		1.3123			1.3107
EUR/CAD		1.3741			1.3772
STG/CAD		1.6186			1.6128
AUD/CAD		0.9693			0.9658
CAD/JPY		93.03			93.24
CAD/CHF		0.8925			0.8893
CAD/HKD		7.3867			7.3626
CAD/CNY		5.8645			5.8463
CAD/MXN		12.5945			12.7656
Commodities
Gold		$1,283.00			$1,281.00
OIL		$95.82			$93.47
US DOLLAR INDEX
P.CLOSE		82.64			82.61
OPEN		82.55			82.78
US 10YR YIELD		2.53%			2.58%