Good afternoon,
Below are the current daily levels vs. the other major
currencies.
USD.CAD 1.0322 up 0.09%
GBP.CAD 1.6613 up 0.08%
EUR.CAD 1.4028 up 0.16%
The US dollar has made up some lost ground against the yen
and Swiss franc amid speculation that, the US government will come to an
agreement regarding the debt ceiling before the default deadline. Japan had
been trading at an eight week high vs. the dollar before it announced that its
current account surplus had contracted considerably more than expected. This
coupled with the optimism that a deal may be reached in the US has seen the yen
drop in early trading.
The US dollar has crept marginal higher than the Canadian
dollar in early trading, in spite of the encouraging housing start figures that
were announced earlier today. Figures released show that the number of new
houses under construction in Canada unexpectedly rose to 193,637, beating
economists’ forecasts of 185,000. The other major news out of Canada is that
the trade deficit has widened for a second month in a row, the August deficit
stands at a figure of $1.31 billion.
The overnight expected range for the Canadian dollar against
the US dollar is 1.0280-1.0350
The overnight expected range for the Canadian dollar against
the euro is 1.3950-1.4100
The overnight expected range for the Canadian dollar against
the pound is 1.6450-1.6685
Enjoy your afternoon,
Gavin
Gavin McAvoy | GFX
Partners Inc |Currency Advisor
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