GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0620-1.0670

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 1.8220-1.8270

The US dollar is marginally weaker this morning as the US markets kick-off after the holiday weekend. Sterling is weaker this morning as the expectation is growing in media articles that the Pound has come a long way and that further strength against the US may be tough to come by, the Euro is unchanged to start the week as the Euro market continues to wait on further direction from the ECB.

The Canadian Dollar continues to trade within recent ranges and opens the new week slightly stronger against the Greenback. I still favour a small move back above 1.0700 but it may take a poor Canadian jobs report on Friday to have that happen, right now the Loonie is still quite resilient. I think it will take a huge effort to get USD.CAD below 1.0600 but stranger things have happened.

The Loonie could have a busy week as we do get some important Canadian data, up today we get the Bank of Canada Business Outlook Survey which will give us some direction on what the Bank think about the economy and as mentioned Friday we get the Canadian Employment report. Mixed in with all this we get an interest rate announcement out of the UK so the week could be quiet volatile.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0643			1.0631
CAD/USD		0.9396			0.9406
EUR/USD		1.3573			1.3587
EUR/CAD		1.4471			1.4442
STG/CAD		1.8224			1.8218
AUD/CAD		0.9968			0.9948
CAD/JPY		95.73			95.97
CAD/CHF		0.8397			0.8416
CAD/HKD		7.2583			7.2683
CAD/CNY		5.8249			5.8349
CAD/MXN		13.005
Commodities
Gold		$1,315.00			$1,322.00
OIL		$103.82			$103.85
US DOLLAR INDEX
P.CLOSE		80.31			80.26
OPEN		80.29			80.35
US 10YR YIELD		2.64%			2.64%