GFX Morning Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0740-1.0790

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 marginally stronger this morning as the German IFO business survey released this morning showed the third straight decline in the German business climate. Not a good sign if the ECB is cutting interest rates to help stimulate growth.

The Canadian Dollar is marginally weaker this morning as USD.CAD moved away from the lows of recent days and moved a little higher overnight. Still nothing to get too excited about as the trading ranges are very small.

Up today we get US Durable Goods and the markets are expecting a strong showing which would be a reversal of what we have seen in the past few months. If we get a strong number then we could see USD.CAD move towards the  top end of our recent range, if it comes in as expected then I think USD.CAD will have a quiet day.

Have a great weekend

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0756			1.0722
CAD/USD		0.9297			0.9327
EUR/USD		1.3448			1.3472
EUR/CAD		1.4467			1.4447
STG/CAD		1.822			1.8245
AUD/CAD		1.0116			1.0126
CAD/JPY		94.68			94.74
CAD/CHF		0.8397			0.8407
CAD/HKD		7.1836			7.206
CAD/CNY		5.7529			5.7729
CAD/MXN		12.0729			12.0807
Commodities
Gold		$1,296.00			$1,300.00
OIL		$102.00			$102.76
US DOLLAR INDEX
P.CLOSE		80.87			80.81
OPEN		80.94			80.79
US 10YR YIELD		2.51%			2.48%