GFX Morning FX Commentary Nov 11th, 2013

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0440-1.0500

Today’s expected range for the Canadian Dollar against the Euro is 1.4000-1.4070

Today’s expected range for the Canadian Dollar against Sterling is 1.6720-1.6800

The US Dollar is marginally  weaker this morning in very quiet overnight trading markets as there is both a banking holiday in the US and Canada today. The Euro has settled in after last week’s interest rate cuts, the currency market will now wait on the EU Gross Domestic Report that is expected to show a slow down on the regions overall economy later this week.

Sterling  should remain supported over the next few sessions as the Bank of England will report on inflation this week and they are expected to improve their outlook going forward, Sterling should remain strong against both the Euro and the US Dollar.

The Canadian Dollar is unchanged from our Friday close and with the holiday in both the US and Canada it is unlikely that we will see any great activity today. I still favour a move higher for USD.CAD but we may yet see a pullback towards 1.0450 at some point. US Dollar buyers may need to rethink their levels to take advantage of any pullbacks from the current levels.

With today’s remembrance Day Holiday we cannot affect any US or Canadian Dollar wire payments but our office is fully open and we can book any trades for delivery tomorrow.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0471			1.0458
CAD/USD		0.955			0.9562
EUR/USD		1.3395			1.3424
EUR/CAD		1.403			1.404
STG/CAD		1.6747			1.6816
AUD/CAD		0.9801			0.9884
CAD/JPY		94.96			93.84
CAD/CHF		0.8784			0.8754
CAD/HKD		7.3996			7.4067
CAD/CNY		5.8152			5.8207
CAD/MXN		12.5985			12.6432
Commodities
Gold		$1,285.00			$1,308.00
OIL		$94.33			$94.00
US DOLLAR INDEX
P.CLOSE		81.29			80.91
OPEN		81.21			80.94
US 10YR YIELD		2.75%			2.61%