Today's expected range
for the Canadian Dollar against the US Dollar is 1.0980-1.1050
Today's expected range
for the Canadian Dollar against the Euro is 1.5160-1.5230
Today's expected range
for the Canadian Dollar against Sterling is 1.8270-1.8350
The US Dollar is
stronger this morning as the markets awaited the European Central Bank
announcement and Governor Draghi's press conference later this morning, the
Greenback is unchanged against the Euro but stronger against Sterling and the
Yen . Money is starting to flow back out of Japan as the crisis in Ukraine
seems to abating for the moment, but the whole situation remains volatile and
could blow up at a moment’s notice. In the UK the economy reported the first suspect
number in a long while with some Services data coming in below estimates, with
the Pound being so strong lately it will be become very vulnerable to negative numbers
and today was a perfect example of this as GBP.USD fell almost 1% on the
announcement. I still think overall Sterling will remain one of the strongest currencies
but it could be subject to some wild swings going forward.
As I mentioned yesterday the ECB kept interest rates at 0.25% and no signs of the ECB adding further stimulus to the economy, EURO.USD has not reacted to the announcement, the market will not await Draghi’s press conference for any future guidance.
The Canadian Dollar
continues to try and break the 1.1000 level, I am not quite sure they this
particular rate is becoming so important but if it does break through then we
could see USD.CAD run to 1.0950 over a short time period. The Loonie is doing better
against both Sterling and the Euro so if that continues it may also give the
Loonie a bit of a boost against the US Dollar.
Up today we do get
some secondary Canadian Trade data but for the most part the market will be watching
the ECB press conference and getting set up for tomorrow’s US and Canadian
Employment data.
Have a great day
Mike|
GFX Morning Currency Rates
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Currencies
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7:00am
Today's Opening
|
Yesterday's
Opening
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|
USD/CAD
|
1.101
|
1.1019
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|
CAD/USD
|
0.9082
|
0.9075
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|
EUR/USD
|
1.3765
|
1.3786
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|
EUR/CAD
|
1.5159
|
1.5193
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|
STG/CAD
|
1.8272
|
1.8334
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AUD/CAD
|
1.0172
|
1.0187
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|
CAD/JPY
|
94.35
|
94.1
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|
CAD/CHF
|
0.805
|
0.8023
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|
CAD/HKD
|
7.0231
|
7.0181
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CAD/CNY
|
5.6395
|
5.6296
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CAD/MXN
|
11.9133
|
11.8677
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Commodities
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Gold
|
$1,287.00
|
$1,284.00
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OIL
|
$99.20
|
$99.26
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US
DOLLAR INDEX
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|
P.CLOSE
|
80.09
|
80.08
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|
OPEN
|
80.27
|
80.09
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US
10YR YIELD
|
2.79%
|
2.77%
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