Today’s expected range for the Canadian Dollar against the US Dollar is 1.0280-1.0370
Today’s
expected range for the Canadian Dollar against the Euro is 1.3480-1.3570
Today’s
expected range for the Canadian Dollar against Sterling is 1.5770-1.5850
The
US Dollar is mixed to start the day as expectation that the US Federal Reserve
will not cut short their stimulus program any time soon and comments from the
Bank of Japan aimed at weakening the Yen continued. Overnight Equity markets
were higher on the expectation that after poor manufacturing data yesterday the
US Federal Reserve will need to keep the taps open longer than was expected,
there had been hints flying around that the Fed would start to pare back their monthly
bond purchases but that expectation may now be dimming. EURO.USD jumped to trade at 1.3095 while
USD.JPY rose to trade back above 100 so overall a mixed night for the US
Dollar.
The
Australian Dollar had a wild ride last night as the Reserve Bank of Australia kept
interest rates unchanged but signaled that their next interest rate move will
most likely be lower, this flies in the face of last Bank of Canada report that
said the next move will most likely be higher, AUD.USD and AUD.CAD both fell
over 100 points on this report.
The
Canadian Dollar is weaker this morning as it could not hold onto the quick
strength it produced yesterday, with the weakness in the Aussie Dollar it was
not surprising that USD.CAD moved back higher overnight. In order for the
Loonie to have any sustained strength I think it needs USD.CAD to hold in today
and not trade above 1.0330, then possibly we will USD.CAD settle back in below
1.0300. If it breaks higher then I don’t think we will have any further short-term
Canadian Dollar strength ahead of Friday’s employment reports.
Up
today we get some trade data out of Canada and the US which could see some added
volatility come to the market, I still favour a move higher for USD.CAD but if
we do see it break back below 1.0300 this morning US Dollar buyers should be
ready to jump all over that.
Have
a great day
MikeGFX Morning Currency Rates | |||||||
Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
USD/CAD | 1.0319 | 1.0351 | |||||
CAD/USD | 0.9625 | 0.966 | |||||
EUR/USD | 1.3084 | 1.3013 | |||||
EUR/CAD | 1.3504 | 1.3472 | |||||
STG/CAD | 1.5785 | 1.579 | |||||
AUD/CAD | 0.9972 | 0.9988 | |||||
CAD/JPY | 0.9702 | 0.9694 | |||||
CAD/CHF | 0.9187 | 0.9237 | |||||
CAD/HKD | 7.5 | 7.4799 | |||||
CAD/CNY | 5.9375 | 5.9205 | |||||
CAD/MXN | 12.3187 | 12.3667 | |||||
Commodities | |||||||
Gold | $1,400.00 | $1,395.00 | |||||
OIL | $92.93 | $92.43 | |||||
US DOLLAR INDEX | |||||||
P.CLOSE | 82.72 | 83.31 | |||||
OPEN | 82.78 | 83.25 |
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