Today’s
expected range for the Canadian Dollar against the US Dollar is 1.1210-1.1270
Today’s
expected range for the Canadian Dollar against the Euro is 1.3950-1.4000
Today’
s expected range for the Canadian Dollar against Sterling is 1.7640-1.7700
The
US Dollar is mixed this morning in a quiet overnight trading session, the
Greenback is marginally weaker against the Euro and Sterling and marginally stronger
against the Yen and Commodity currencies. In Europe, the Euro is stronger to
start the week as the common currency received a boost from a report that
showed business confidence rose for the first time in seven months across the region,
in Japan the Yen continues to trade weaker on the expectation of further Government
stimulus after the election. In the UK the Pound traded weaker for most of the
morning session before rebounding on expectation of poor economic data this
week which will underpin the BOE’s low interest rate policy.
The
Loonie is marginally weaker this morning as it continues to hold onto the strength
it picked up from the stronger than expected inflation report on Friday. IF the
recent trading pattern holds then I would expected USD.CAD to move back above
1.1300 at some point but I am getting a sense that the Loonie might be able to
extend this push and USD.CAD might have some room to run lower. I have not said
this much lately but US Dollar sellers might want to think about putting some
more forward contracts on to protect themselves in case the Loonie does go on a
bit or a run.
The
US markets will be closed this Thursday but of interesting note is that OPEC has
a meeting planned to discuss the supply of oil and if they announce a drastic
cut in the supply we should see the oil price jump which could give the Loonie
a big push stronger, with the market being fairly illiquid that day we could
see some enhanced volatility.
With
the market closed on Thursday the US is cramming in their last releases of the
month on Tuesday and Wednesday highlighted by the US GDP report tomorrow,
Canada has a light week with just our GDP report on Friday being the only report
of major significance. The fact that the US market will still be at half-staff
on Friday could bring some enhanced volatility for the Loonie if we get a
surprising number. With the US Holiday on Thursday remember that the Fed wire
system will be closed so make sure you get your orders in early this week if you
need to send a wire.
Have
a great week
Mike
GFX
Morning Currency Rates
|
|||||||
Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
USD/CAD | 1.124 | 1.1277 | |||||
CAD/USD | 0.8897 | 0.8868 | |||||
EUR/USD | 1.2408 | 1.2432 | |||||
EUR/CAD | 1.3949 | 1.4023 | |||||
STG/CAD | 1.7617 | 1.767 | |||||
AUD/CAD | 0.9708 | 0.9818 | |||||
CAD/JPY | 105.17 | 104.32 | |||||
CAD/CHF | 0.8619 | 0.8571 | |||||
CAD/HKD | 6.8784 | 6.8564 | |||||
CAD/CNY | 5.4624 | 5.4298 | |||||
CAD/MXN | 12.1592 | 12.0888 | |||||
Commodities | |||||||
Gold | $1,200.00 | $1,195.00 | |||||
OIL | $76.68 | $77.23 | |||||
US DOLLAR INDEX | |||||||
P.CLOSE | 88.3 | 87.62 | |||||
OPEN | 88.23 | 88.17 | |||||
US 10YR YIELD | 2.33% | 2.35% |
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