GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0920-1.0970

Today's expected range for the Canadian Dollar against the Euro is 1.4540-14590

Today's expected range for the Canadian Dollar against Sterling is 1.8220-1.8270

The US Dollar is mixed this morning as it fell back against Sterling but hit an 11-month high against the Euro. In the UK the minutes of the last Bank of England policy meeting were released and the unanimous consensus  for ‎low interest rates among policy makers no longer exists. In a blow to Governor Carney's plan to keep interest rates low, two members of the BOE policy committee voted to raise interest rates, it was not enough to pass the motion but it is a clear shift among policy makers on the Bank of England committee. The Euro is weaker this morning as the currency markets are getting ready for this afternoon release of the Federal Reserve’s minutes from their last meeting. I would not be surprised if we saw some of the Fed’s policy members break ranks and start to push for higher interest rates, the US New Home Sales and Building permit reports yesterday were both very strong so the argument for higher interest rates is starting to build.

‎The Canadian Dollar weakened off against its US counterpart yesterday afternoon on the back of the stronger US Dollar and continued that trend overnight trading in a narrow range. The Loonie is picking up a little strength against the Euro but with the strength in Sterling overnight it is losing ground to the Pound.

Up today as mentioned the currency market will be dominated by the release of the Fed minutes, we also get some secondary Trade data out of Canada but I don’t think that will have much impact in the market. As we have been mentioning US Dollar buyers need to be concerned with a push over the 1.1000 level in the coming days, make sure you have your orders in to buy on any dips that we see.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0955			1.0903
CAD/USD		0.9129			0.9172
EUR/USD		1.3278			1.3347
EUR/CAD		1.4545			1.4554
STG/CAD		1.8227			1.8151
AUD/CAD		1.0174			1.0181
CAD/JPY		94.32			94.11
CAD/CHF		0.8318			0.8314
CAD/HKD		7.0537			7.0871
CAD/CNY		5.6029			5.632
CAD/MXN		11.9433			11.9713
Commodities
Gold		$1,295.00			$1,301.00
OIL		$95.90			$96.68
US DOLLAR INDEX
P.CLOSE		81.86			81.57
OPEN		82.11			81.67
US 10YR YIELD		2.40%			2.37%