GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0980-1.1040

Today’s expected range for the Canadian Dollar against the Euro is 1.5200-1.5270

Today’s expected range for the Canadian Dollar against Sterling  is 1.8490-1.8550

The US Dollar is marginally weaker this morning against the Euro and Sterling and stronger against Japan in very quiet overseas markets, most markets were closed for the Easter Monday holiday so volumes are very light. The Greenback jumped the most against the Yen as the Japanese trade deficit came in much larger than expected, this number should provide the opportunity for more stimulus for the economy going forward.

The Canadian Dollar is unchanged from our Thursday close against the US Dollar as the Loonie trading was very light due to the Easter holiday, the Loonie continues to settle in close to the 1.1000 level as it awaits its next breakout. Up today we do get some US data with Leading Indicators report due out later this morning, given the quiet market conditions we may get a little enhanced volatility but for the most part I think today’s trading should be a non-event.

For the week I still favour USD.CAD to break  a bit higher and we may yet see a test of 1.1050 at some point, for US Dollar buyers I still favour leaving your orders around the 1.0980 level and wait and see if we get a bit of a pullback, they should be limited in scope and you need to be ready to catch any sudden drops in the rate.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1013			1.1011
CAD/USD					0.9082
EUR/USD		1.3815			1.385
EUR/CAD		1.6798			1.5259
STG/CAD		1.8501			1.8517
AUD/CAD		1.0271			1.0289
CAD/JPY		93.14			92.68
CAD/CHF		0.8014			0.7975
CAD/HKD		7.0198			7.0363
CAD/CNY		5.6561			5.6462
CAD/MXN		11.85			11.8701
Commodities
Gold		$1,287.70			$1,299.00
OIL		104.1			$104.00
US DOLLAR INDEX
P.CLOSE		79.85			79.82
OPEN		79.94			79.62
US 10YR YIELD		2.71%			2.63%