GFXMorning FX Commentary

‎Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0650-1.0700

Today's expected range for the Canadian Dollar against the Euro is 1.4510-1.4560

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

The US Dollar is marginally weaker as the overseas markets react to the dovish comments from yesterday's Federal Reserve Policy minutes release.  Sterling was the most active currency once again as the Pound fell on poor housing data, and as expected the announcement from the Bank of England that there would not be any changes to their interest rate and stimulus policies.  What will be interesting is when the meeting minutes are released in a fortnights time, market watchers will be looking to see if the vote to keep interest rates unchanged is still unanimous, there is a growing chorus in the UK for higher interest rates.

No significant movement for the Canadian Dollar ‎it is pretty much stuck in the mud as we await tomorrow's Employment Report. 

Up today we have some trade data out of the US and Canadian housing data but I would not expect much movement in the USD.CAD rate, I still  favour an eventual move for the inter-bank rate to move higher over the 1.0700 level but it may take a weak employment report to do that.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0662			1.067
CAD/USD		0.9379			0.9372
EUR/USD		1.3613			1.361
EUR/CAD		1.4517			1.4524
STG/CAD		1.8245			1.8261
AUD/CAD		0.9991			1.0033
CAD/JPY		95			95.23
CAD/CHF		0.8362			0.8365
CAD/HKD		7.2461			7.2421
CAD/CNY		5.8142			5.807
CAD/MXN		12.2232			12.2015
Commodities
Gold		$1,343.00			$1,325.00
OIL		$101.65			$103.39
US DOLLAR INDEX
P.CLOSE		80.03			80.18
OPEN		80.1			80.18
US 10YR YIELD		2.52%			2.56%