GFX Morning Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.1580-1.1660

Today’s expected range for the Canadian Dollar against the Euro is 1.4200-1.4280

Today’s expected range for the Canadian Dollar against Sterling is 1.8050-1.8130

The US Dollar is marginally stronger this morning. The Dollar remains on a strong trajectory as today it is expected that the US economy will report a strong GDP number alongside increasing Durable Goods orders, the upside to cheaper oil is that consumers and business will have more free capital to continue to push the economy forward. The British Pound took a bit of a hit overnight against the Greenback as the UK GDP report came in weaker than expected, every time it looks like the UK economy will gain some momentum it takes a step back.

Nothing to report for the Loonie in overnight trading, it had a very tight range and is now setting up for the US GDP report this morning, it did trade a little weaker as oil dropped overnight but nothing of consequence, it appears that oil is stabilizing in the $56 to $59 trading range for the moment.

As mentioned, today we get the US GDP report for the 3^rd quarter, we are expecting an annualized growth rate of 4.3% that is up from the previous report of 3.9%, anything above the 4.3 number could push USD.CAD back towards the 1.1650 level very quickly. We also get the US Durable Goods report, another strong number here will indicate that the US economy is full-steam ahead and the US Dollar will remain strong.

A quick reminder to everyone that even though we will be closed on Friday for Boxing Day the Canadian Dollar will still be trading on international markets (the US is open) so make sure you get your orders in early so you can take advantage of any  volatility.

Have a great day.

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening			4:30pm December 22nd Closing Rates
USD/CAD	1.1622				1.1608				1.1636
CAD/USD	0.8604				0.8615
EUR/USD	1.2224				1.2257				1.224
EUR/CAD	1.421				1.4231				1.4225
STG/CAD	1.8081				1.8129				1.8131
AUD/CAD	0.9457				0.9464				0.9455
CAD/JPY	103.31				103.11				103.17
CAD/CHF	0.8461				0.8453				0.8457
CAD/HKD	6.6538				6.6613				6.6445
CAD/CNY	5.3561				5.3603				5.3469
CAD/MXN	12.5929				12.5591				12.5905
Commodities
Gold	$1,179				$1,196.30				$1,173.10
OIL	$56.09				$57.13				$55.29
US DOLLAR INDEX
OPEN	89.96				89.71				89.93
US 10YR YIELD	2.16%				2.17%				2.16%