GFX Morning FX Commentary July 25th, 2013

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0260-1.0340

Today’s expected range for the Canadian Dollar against the Euro is 1.3560-1.3625

Today’s expected range for the Canadian Dollar against Sterling is 1.5720-1.5800

The US Dollar is marginally stronger this morning, more so against Sterling than the Euro. In the UK the 2^nd quarter GDP report showed an increase in growth of 0.6% from the 1^st quarter which was in-line with economist expectations but the Pound lost about 100 points as investors still feel that there will not be any change to the Bank of England’s stimulus program as significant growth is still not present in the economy. GBP.USD fell to trade at 1.5280, I think you will see the Pounds trade weaker over the next few weeks.

USD.CAD had the pullback that we were looking for yesterday afternoon as it moved back above the 1.0300 level, I think what you will see now is the currency pair just range trade around the 1.0300 level for a while as we await the next piece of significant information to get the currency market moving again.

Nothing much on the economic calendar today so I am not expecting an active day, US Dollar buyers as I said yesterday should be looking at a forward program at these levels and short-term US Dollar sellers should be looking at levels above 1.0300 to sell some USD.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0298			1.0278
CAD/USD		0.9711			0.973
EUR/USD		1.3194			1.3236
EUR/CAD		1.3586			1.3607
STG/CAD		1.5734			1.578
AUD/CAD		0.9443			0.9482
CAD/JPY		96.67			97.23
CAD/CHF		0.9091			0.9095
CAD/HKD		7.531			7.5457
CAD/CNY		5.9568			5.9709
Commodities
Gold		$1,312.36			$1,340.23
OIL		$104.59			$107.23
US DOLLAR INDEX
P.CLOSE		82.08			82.08
OPEN		82.33			82.13
US 10YR YIELD		2.60%			2.54%