Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0150-1.0240
Today’s
expected range for the Canadian Dollar against the Euro is 1.3430-1.3500
Today’s
expected range for the Canadian Dollar against Sterling is 1.5800-1.5875
The
US Dollar is unchanged from our Friday close against most currencies with the
lone exception being USD.JPY where the Yen gave up some recent strength. The
big news over weekend was the announcement that Chinese exports reached a 10-month
low which as you would expect hit the Asian currency harder than the rest of
the world’s currencies, overall it was a very quiet currency market.
The
Canadian Dollar continues to hold onto its strength from Friday’s job report were
the Canadian economy created an astounding 95,000 new jobs, it was good to see
the Canadian bank economist were once
again bang on with their average prediction of 18k new jobs, with one economist
coming in at 10k, these guys and girls have an amazing track record (insert
sarcasm here!). This is a remarkable number for the Canadian economy considering
that the US created 175K in an economy that is 10 times the size of ours. Most
of the jobs seemed to come from the construction sector which should lead to further
demand for manufactured goods so hopefully this good news story will continue.
The
jobs report has given the Loonie a shot in the arm and it has been able to
fight off the headwinds that other commodity currencies are suffering with right
now, my fear is still that the global uncertainty will lead to a stronger US
Dollar but right now one cannot argue with the resilience of the Loonie. Up today
with just the release of the Canadian Housing starts we should have a quiet day,
given the jobs report I would expect the housing number to be quite strong. US
Dollar sellers may want to consider lowering their orders down from the 1.0400
levels, given the strong jobs report it may be a while before we get back up
there.
Have
a great day
Mike| GFX Morning Currency Rates | |||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0195 | 1.0255 | |||||
| CAD/USD | 0.9809 | 0.9751 | |||||
| EUR/USD | 1.3221 | 1.3246 | |||||
| EUR/CAD | 1.3483 | 1.3586 | |||||
| STG/CAD | 1.5843 | 1.5979 | |||||
| AUD/CAD | 0.962 | 0.974 | |||||
| CAD/JPY | 96.8 | 93.44 | |||||
| CAD/CHF | 0.9186 | 0.9032 | |||||
| CAD/HKD | 7.5909 | 7.5492 | |||||
| CAD/CNY | 6.0129 | 5.9777 | |||||
| CAD/MXN | 12.5687 | 12.5462 | |||||
| Commodities | |||||||
| Gold | $1,380.00 | $1,411.00 | |||||
| OIL | $95.63 | $95.27 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 81.93 | 81.53 | |||||
| OPEN | 82.15 | 81.34 | |||||
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