GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0710-1.0760

Today's expected range for the Canadian Dollar against the Euro is 1.4460-1.4510

Today's expected range for the Canadian Dollar against Sterling is 1.8250-1.8300

The US Dollar is mixed this morning  as the Euro received a boost on better than expected manufacturing data and Sterling fell on a weaker Retail Sales report. The big currency mover overnight was the New Zealand Dollar which dropped almost 1% against the Greenback, after several interest rate hikes over the last while the Governor of the Reserve Bank of New Zealand stated that the NZ Dollar was at “unsustainable” levels and he expected its value to drop over the coming months, once again we see Central Bank officials trying to influence the value of their currency ‎with verbal intervention to boost their economy.

The Canadian Dollar still trades in tight ranges but USD.CAD has moved to the lower end of the range so it may be setting up for a break lower, nothing happened on the top side of the range so it may try for a move lower.

Up today we have no Canadian data and only some secondary US data so I am not expecting a big move, look for USD.CAD to continue to trade within recent ranges with as I mentioned a possible test lower for USD.CAD today. In fact we may not have much volatility in the currency pair until we get the US interest rate announcement next week.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0722			1.0722
CAD/USD		0.9327			0.9327
EUR/USD		1.3472			1.3469
EUR/CAD		1.4447			1.4443
STG/CAD		1.8245			1.8275
AUD/CAD		1.0126			1.013
CAD/JPY		94.74			94.52
CAD/CHF		0.8407			0.8409
CAD/HKD		7.206			7.2065
CAD/CNY		5.7729			5.7779
CAD/MXN		12.0807			12.0744
Commodities
Gold		$1,300.00			$1,308.00
OIL		$102.76			$102.41
US DOLLAR INDEX
P.CLOSE		80.81			80.77
OPEN		80.79			80.75
US 10YR YIELD		2.48%			2.46%