Today's expected range
for the Canadian Dollar against the US Dollar is 1.0730-1.0780
Today's expected range
for the Canadian Dollar against the Euro is 1.4540-1.4590
Today's expected range
for the Canadian Dollar against Sterling is 1.8370-1.8420
The US Dollar is
marginally stronger this morning as the financial markets weigh the situation
surrounding the shooting down of the Malaysian Jet liner yesterday by the
Russian separatists in Ukraine. I read a report this morning that the latest
sanctions that the West has put on the Russian financial system for supporting
the separatists will be big enough to push the Russian economy into recession,
the whole region could turn into a global powder keg.
For the moment the US
Dollar is still trading in narrow ranges, Gold and other precious metals have
moved the most in reaction to this crisis as the price for an ounce of gold has
dropped the most of all the commodities.
The Canadian Dollar
has not reacted to the developing situation in Ukraine and continue to trade
within tight ranges at current levels, I am convinced that any kind of
escalation in the region will push USD.CAD higher.
Up today we get some
important Canadian inflation data, we are expecting a year-over-year June inflation
rate of 2.3% which will be slightly higher than the Bank of Canada target rate.
A very strong number will be positive for the Loonie and will push USD.CAD lower
as the expectation will increase that the Bank will have to adjust interest
rates to stem inflation, if the rate comes in much lower than expected just the
opposite will happen. Our overall view is still intact that USD.CAD will eventually
test higher but daily trading ranges will remain narrow.
Have a great weekend
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0746 | 1.0752 | |||||
| CAD/USD | 0.9306 | 0.93 | |||||
| EUR/USD | 1.352 | 1.3527 | |||||
| EUR/CAD | 1.4531 | 1.711 | |||||
| STG/CAD | 1.8376 | 1.8401 | |||||
| AUD/CAD | 1.0085 | 1.0076 | |||||
| CAD/JPY | 94.29 | 94.32 | |||||
| CAD/CHF | 0.8355 | 0.8347 | |||||
| CAD/HKD | 7.1916 | 7.1866 | |||||
| CAD/CNY | 5.7759 | 5.7687 | |||||
| CAD/MXN | 12.0895 | 12.0628 | |||||
| Commodities | |||||||
| Gold | $1,312.00 | $1,303.00 | |||||
| OIL | $103.50 | $102.27 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 80.5 | 80.56 | |||||
| OPEN | 80.53 | 80.53 | |||||
| US 10YR YIELD | 2.48% | 2.51% | |||||
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