GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0930-1.0980

Today's expected range for the Canadian Dollar against the Euro is 1.4450-1.4500

Today's expected range for the Canadian Dollar against Sterling is 1.8170-1.8220

The US Dollar is stronger this morning as it has reached fresh yearly highs against the Euro and the Yen. In Europe, EURO.USD dropped below 1.32000 for the first time this year as ECB Governor Draghi in his speech at Jackson Hole indicated that inflation expectations have declined and more stimulus measures may be necessary. Fed Chairperson Yellen did nothing to change the view of the currency markets that interest rates will increase in the first quarter of 2105, continued strong employment numbers will be the catalyst for that rate increase.

The Canadian Dollar is unchanged and continues to trade in narrow ranges, with the weakness in the Euro the Loonie was able to extend some gains against the common currency.

Up this week we get a slew of US Secondary data including Durable Goods, Consumer Confidence tomorrow and on Friday we get the Canadian GDP report For June and the 2^nd Quarter. With nothing due out today to move the markets I look for a tight trading range without much volatility, I still look for a test of 1.1000 on the top side but for the moment the USD.CAD market remains subdued.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.095			1.0957
CAD/USD					0.9126
EUR/USD		1.3199			1.326
EUR/CAD		1.4456			1.454
STG/CAD		1.8172			1.8156
AUD/CAD		1.0199			1.0204
CAD/JPY		94.85			94.62
CAD/CHF		0.836			0.8318
CAD/HKD		7.0557			7.0523
CAD/CNY		5.6185			5.6139
CAD/MXN		11.9739			11.9775
Commodities
Gold		$1,277.80			$1,282.00
OIL		$93.86			$93.61
US DOLLAR INDEX
P.CLOSE		82.3			82.15
OPEN		82.53			82.19
US 10YR YIELD		2.38%			2.38%