Today's expected range
for the Canadian Dollar against the US Dollar is 1.0880-1.0940
Today's expected range
for the Canadian Dollar against the Euro is 1.4100-1.4170
Today's expected range
for the Canadian Dollar against Sterling is 1.7600-1.7670
The US Dollar is
marginally stronger this morning as it was led higher by a weaker Sterling. In
the UK the latest opinion poll has the Scottish Independence movement ahead
with a projected 51% of the vote. In Asia, GBP.USD opened 100 points lower than
the Friday North American close so clearly currency markets are very concerned
about the uncertainty that this vote is creating, this poll has pushed the
Cameron Government into action by offering the idea of more financial
independence if Scotland rejects the vote. You can bet the Parti-Quebecois will
be watching this result closely, if Scotland at the very least gets more financial
autonomy then you can bet this will be a strategy used by the PQ in the next Quebec
provincial election.
The Canadian Dollar is
a little weaker against the US Dollar as it traded in tight range overnight, it
continues to garner strength against the Euro and Sterling as weakness in both
those currencies have helped the Loonie. Friday's poor Canadian jobs report did
nothing to help the Loonie, clearly the employment market in Canada is stagnant
(one month up, one month down) which I believe will lead to interest rates reaming
low in Canada well after the US Federal Reserve starts to hike rates next year.
It is a light week for
economic statistic highlighted by the US Retail Sales report on Friday, I look
for USD.CAD to range trade for most of the week but overall US Dollar buyers
still need to protect themselves against a possible move higher for USD.CAD.
Have a great week
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0904 | 1.0878 | |||||
| CAD/USD | 0.917 | 0.9193 | |||||
| EUR/USD | 1.2947 | 1.2959 | |||||
| EUR/CAD | 1.4116 | 1.41 | |||||
| STG/CAD | 1.7573 | 1.775 | |||||
| AUD/CAD | 1.019 | 1.0191 | |||||
| CAD/JPY | 96.44 | 96.04 | |||||
| CAD/CHF | 0.8543 | 0.8552 | |||||
| CAD/HKD | 7.088 | 7.1029 | |||||
| CAD/CNY | 5.6291 | ||||||
| CAD/MXN | 11.9795 | 12.0889 | |||||
| Commodities | |||||||
| Gold | $1,268.00 | $1,266.00 | |||||
| OIL | $92.62 | $94.73 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 83.85 | 83.76 | |||||
| OPEN | 83.93 | 83.74 | |||||
| US 10YR YIELD | 2.43% | 2.45% | |||||
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