GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0970-1.1030

Today's expected range for the Canadian Dollar against the Euro is 1.5070-1.5150

Today's expected range for the Canadian Dollar against Sterling is 1.8050-1.8130

The US Dollar is weaker to start the new trading week in very quiet FX markets, you know the FX markets are very quiet when Sterling only had a 20-point range against the US Dollar. Even EURO.USD only jumped 30 points overnight, there is a holiday in China so that could be part of the reason markets are so quiet.

The Canadian Dollar is slowly giving back its strength from its highs on Friday after the strong Canadian jobs report. The currency played out just as we thought it would with a run well below 1.1000 after the strong showing. If the Loonie cannot extend any of these gains in the next day or two then I think you will see USD.CAD move back towards 1.1050 again, other than that with the lack of data due out today we should see USD.CAD trade on either side of 1.1000 for the next little while

We do get the release later this morning of the Bank of Canada Business Outlook Survey, I would not expect any surprises from the Bank, they will pretty much have laid the table with their last interest rate announcement but sometimes they can surprise traders with a comment or two. Other than that it should be a very quiet day.

I will be out of the office for the rest of the week, I am heading to Florida for a few days to chase a little white ball around the sunshine state, in my absence Rich will update the commentary.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1			1.1024
CAD/USD		0.909			0.9071
EUR/USD		1.3725			1.3708
EUR/CAD		1.51			1.5115
STG/CAD		1.8246			1.8272
AUD/CAD		1.0199			1.0193
CAD/JPY		93.82			94.22
CAD/CHF		0.808			0.8094
CAD/HKD		7.0267			7.0149
CAD/CNY		5.6459			5.6322
CAD/MXN		11.8644			11.9068
Commodities
Gold		$1,301.00			$1,291.00
OIL		$100.67			$101.07
US DOLLAR INDEX
P.CLOSE		80.43			80.46
OPEN		80.35			80.5
US 10YR YIELD		2.72%			2.79%