GFX Morning FX Rates

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0910-1.0970

Today's expected range for the Canadian Dollar against the Euro is 1.4820-1.4900

Today's expected range for the Canadian Dollar against Sterling is 1.7970-1.8040

The US Dollar was quiet overnight but did hit a two month high against the Euro as currency traders are making bets that the US Federal Reserve will again cut the stimulus they are providing when they meet at the end of the month. 

The Australian Dollar was the other big mover overnight as it rallied on positive growth numbers out of China, it has rebounded from a 3-year low against the US Dollar.

The Canadian Dollar is very quiet at the moment as the Loonie awaits the Bank of Canada interest rate announcement on Wednesday. It is clear from all the rhetoric from Government officials that they want a weaker Canadian Dollar so I won't be surprised if the Bank hints at lower interest rates. If that happens then we will most likely see USD.CAD jump much higher through 1.1000 and possibly to 1.1100 in the coming days. It may be wise to look at doing some forward contracts to buy some US at current levels.

Today should be a quiet day with the US Market closed for the Martin Luther King holiday but that should set us up for a busy and volatile week.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0954			1.0952
CAD/USD		0.9129			0.9131
EUR/USD		1.3555			1.3597
EUR/CAD		1.4851			1.4894
STG/CAD		1.8005			1.8
AUD/CAD		0.9652			0.9625
CAD/JPY		95.02			95.31
CAD/CHF		0.8303			0.8277
CAD/HKD		7.0595			7.0602
CAD/CNY		5.5226			5.528
CAD/MXN		12.0909			12.1329
Commodities
Gold		$1,254.00			$1,240.00
OIL		$93.67			$94.52
US DOLLAR INDEX
P.CLOSE		81.35			80.92
OPEN		81.1			80.97
US 10YR YIELD		2.82%			2.84%