GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.1340-1.1400

Today’s expected range for the Canadian Dollar against the Euro is 1.4130-1.4190

Today’s expected range for the Canadian Dollar against Sterling is 1.7800-1.7860

The US Dollar is mixed this morning in what looks like a very uneventful evening. In Australia the Aussie Dollar fell about 0.5% as the Central Bank their kept interest rates at current levels and the Japanese Yen also fell as Moody’s downgraded Japan’s national credit rating yesterday.

The Canadian Dollar had a very quiet night as it is marginally weaker than our close yesterday. It continues over the short-term to track alongside the price of oil and will do so until the price of oil stabilizes and something else comes along to grab the markets attention. Our expectation remains that USD.CAD will approach 1.1500 before the end of the year so US Dollar buyers need to be ready on any pullbacks.

Nothing of note today so I am not expecting much activity, that will change with the Bank of Canada announcement tomorrow, for today the Loonie should track the price of oil but that too looks like it will start to stabilize as the week geos on.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1355			1.1408
CAD/USD		0.8807			0.8765
EUR/USD		1.2441			1.2465
EUR/CAD		1.4131			1.4229
STG/CAD		1.7821			1.7932
AUD/CAD		0.9601			0.9679
CAD/JPY		104.71			103.79
CAD/CHF		0.852			0.8452
CAD/HKD		6.8078			6.7756
CAD/CNY		5.4118			5.3891
CAD/MXN		12.3362			12.2331
Commodities
Gold		$1,196.00			$1,173.00
OIL		$68.00			$65.54
US DOLLAR INDEX
P.CLOSE		87.97			88.28
OPEN		88.22			88.08
US 10YR YIELD		2.23%			2.17%