Today’s expected range for the Canadian Dollar against the US Dollar is 1.0560-1.0630
Today’s
expected range for the Canadian Dollar against the Euro is 1.4550-1.4620
Today’s
expected range for the Canadian Dollar against Sterling is 1.7310-1.7380
The
US Dollar is for the most part unchanged from Yesterday’s North American close.
The notable exception is Sterling where the Pound has fallen off it recent
2-year high as currency traders are starting to questions the overall strength of
the currency, GBP.USD fell from an overnight high of 1.6425 to trade as low as
1.6370 this morning. The currency market
is still awaiting new information next week on whether the US Federal Reserve will
start to cut back on their stimulus program, if they do announce any measures
to decrease their stimulus program then you will see stock markets take an initial
hit and the US Dollar jump.
The
Canadian Dollar continues its recent rally from the highs up at 1.0700 last
week, in an economic report put out yesterday the Bank of Montreal published their
currency prediction and stated that they see USD.CAD back at 1.0700 in a month’s
time and they see the level at 1.1000 by the middle of next year. Long-time
readers will now that I don’t place much stock in economist predictions but
certainly the trend is still in place for USD.CAD to go higher. If I needed to
buy US Dollars I would certainly be looking to protect myself at least for
three to six months at any levels below 1.0600.
With
no economic statistics due out today, I would expect the Canadian Dollar rally
to continue in a narrow range, if we see USD.CAD stop at current levels then I
would be concerned that we are starting to set up for the move back to 1.0700.
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0587 | 1.0638 | |||||
| CAD/USD | 0.9445 | 0.94 | |||||
| EUR/USD | 1.3764 | 1.3741 | |||||
| EUR/CAD | 1.4577 | 1.4619 | |||||
| STG/CAD | 1.735 | 1.7487 | |||||
| AUD/CAD | 0.9649 | 0.9706 | |||||
| CAD/JPY | 96.77 | 96.87 | |||||
| CAD/CHF | 0.8378 | 0.8361 | |||||
| CAD/HKD | 7.3173 | 7.2661 | |||||
| CAD/CNY | 5.7325 | 5.7062 | |||||
| CAD/MXN | 12.1954 | ||||||
| Commodities | |||||||
| Gold | $1,256.00 | $1,245.00 | |||||
| OIL | $98.37 | $95.53 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 79.98 | 79.98 | |||||
| OPEN | 79.96 | 80.1 | |||||
| US 10YR YIELD | 2.80% | 2.75% | |||||
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