GFX Morning FX Commentary No v 12th, 2013

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0470-1.0540

Today's expected range for the Canadian Dollar against the Euro is 1.4040-1.4130

Today's expected range for the Canadian Dollar against Sterling is 1.6650-1.6720

The US Dollar is stronger this morning as the expectation of further strong economic data out of the US will lead to earlier tapering of stimulus by the Federal Reserve Bank continues to grow. USD.JPY jumped the most last night and is expected to hit the 100.00 level in the next few days. Sterling is lower this morning on its inflation report coming in softer than expected, this dampened the expectation of the Bank of England increasing interest rates any time soon.

The Canadian Dollar is much weaker against the US Dollar with 1.0500 now fully in the sights of USD.CAD, it is starting to look now that USD.CAD may set a new yearly high above 1.0600 in the coming weeks. On the positive side of the market the Loonie was able to pull back some gains against the Euro and Sterling as the Loonie benefitted from overnight weakness in those currencies.

With no economic news out today I am not looking for much of a USD.CAD range, I think we will test the 1.0500 level at some point especially if the US continues to surge against the Euro, Yen and Sterling. US Dollar buys must once again dampen their expectation and raise their orders up above 1.0450 to take advantage if we have any pullback.

 

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.05			1.0471
CAD/USD		0.9524			0.955
EUR/USD		1.3384			1.3395
EUR/CAD		1.4064			1.403
STG/CAD		1.6674			1.6747
AUD/CAD		0.9782			0.9801
CAD/JPY		94.91			94.96
CAD/CHF		0.8963			0.8784
CAD/HKD		7.3768			7.3996
CAD/CNY		5.7268			5.8152
CAD/MXN		12.6404			12.5985
Commodities
Gold		$1,279.00			$1,285.00
OIL		$94.76			$94.33
US DOLLAR INDEX
P.CLOSE		81.15			81.29
OPEN		81.45			81.21
US 10YR YIELD		2.78%			2.75%