GFX Morning Commentary Dec 4th, 2013

Good Morning,   Today’s suggested range for the Canadian dollar against the US Dollar is 1.0615 – 1.0665   Today’s suggested range for the Canadian dollar against the Euro is 1.4390 – 1.4470   Today’s suggested range for the Canadian dollar against Sterling is 1.7420 – 1.7500   The Japanese Yen rallied off a six month low against the US Dollar as the greenback was lower against most of the major currencies overnight. The Reserve Bank of Australia left interest rates unchanged at 2.50% with the bias being neutral. The Aussie dollar has edged slightly higher from our closing level.   The British Pound spiked higher overnight on further evidence the economy is expanding. U.K. construction rose for a 7th month rising to 62.6 up from 59.4 in October. The British Pound is now approaching a two year high against the US Dollar. The European single currency was confined to narrow ranges and is opening the North American session at the highs with no major economic news in the Euro zone.   The Canadian dollar tested fresh lows overnight but lacked any follow through and is opening the North American session where we closed. A lot of the Canadian dollar weakness is still being driven by the European crosses where recent economic data has been more favourable out of Europe than Canada. The major focus for Canada is tomorrows interest rate policy announcement and whether or not the statement comes in more dovish than expected. The Bank of  Canada is expected to hold on interest rates at 1.0% with the Canada employment figures coming out this Friday, which should provide more clues as to the strength  of the economy. Today the economic calendar is empty in Canada with only U.S. vehicle sales for November due out. The Dow futures are pointing lower by 60 with gold holding steady overnight after heavy loses yesterday and oil is slightly firmer. For today's FX opening FX rates and other FX resources please visit our Blog.        Have a great day!

GFX Morning Currency Rates
Wednesday December 04, 2013
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0663			1.065
CAD/USD		0.9378			0.939
EUR/USD		1.3591			1.357
EUR/CAD		1.4494			1.4452
STG/CAD		1.7453			1.7491
AUD/CAD		0.9621			0.9711
CAD/JPY		96.09			96.29
CAD/CHF		0.8461			0.8494
CAD/HKD		7.2655			7.2747
CAD/CNY		5.71			5.7178
CAD/MXN		12.3271			12.4602
Commodities
Gold		$1,213.00			$1,221.00
OIL		$97.29			$94.15
US DOLLAR INDEX
P.CLOSE		80.63			80.92
OPEN		80.68			80.72
US 10YR YIELD		2.80%			2.79%