GFX Morning Commentary

Good Morning,
Today's expected range for the Canadian Dollar against the US Dollar is 1.0900-1.0970

Today's expected range for the Canadian Dollar against the Euro is 1.4630-1.4690

Today's expected range for the Canadian Dollar against Sterling is 1.8360-1.8430

The US Dollar is marginally weaker this morning, the currency market seems to be ignoring the Geo-Political ‎events around the world which are weighing on equity markets resulting. With Russia, Iraq (Obama authorized air strikes on the ISIS forces last night), Italian recession and the Ebola crisis the world is not a very safe place at the moment and it is only a matter of time before the US Dollar benefits from safe haven flows.

The Canadian Dollar had another lackluster performance last night with USD.CAD unchanged from our close yesterday‎, USD.CAD did trade a little weaker during the Far East session but recovered in the London trading market.  Trading today will be of course dominated by the Canadian Employment report for July, we are expecting a jump in employment of 24k and an unemployment rate of 7.1% (unchanged). This number is always the most volatile economic release of the month and it is unlikely that the economists will get close to getting it right. If the number shows that a large quantity of full-time jobs have been created then USD.CAD inter-bank rate will drop back towards 1.0900 and a poor report may give the rate the push it needs to approach 1.1000.

Have a great weekend

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0923			1.0923
CAD/USD		0.9155			0.9155
EUR/USD		1.3392			1.3374
EUR/CAD		1.4633			1.4612
STG/CAD		1.835			1.8406
AUD/CAD		101.26			1.0125
CAD/JPY		93.19			93.62
CAD/CHF		0.8288			0.8313
CAD/HKD		7.0747			7.0736
CAD/CNY		5.6352			5.6411
CAD/MXN		12.1382			12.11
Commodities
Gold		$1,319.70			$1,305.50
OIL		$98.03			$96.68
US DOLLAR INDEX
P.CLOSE		81.6			81.49
OPEN		81.44			81.55
US 10YR YIELD		2.37%			2.45%