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Tuesday, December 11, 2012

U.S. Dollar Slightly Lower

The U.S.-Canadian-dollar pairing had another very quiet overnight session, remaining steady at 0.9865. The Canadian Trade Balance was released today with figures printing stronger than expected but having little impact on pricing. Tomorrow, the U.S. Federal Reserve will release its rate decision, the accompanying statements regarding Quantitative Easing, or QE3, and future plans of the Fed will be the focus of the announcement. Traders are expecting the Fed to provide further loosening of policy which should weigh on the U.S.dollar slightly.

We expect a range today of 0.9850 to 0.9925

The euro has rebounded slightly too currently change hands at 1.2815. Impressive data from German was the catalyst for the strength in the embattled euro. The range for the past three months has been 1.26 to 1.30 and this appears set to be the norm for some time.

We expect a range today of 1.2750 to 1.2850

The Pound-Sterling-Canadian-dollar pairing remains relatively quiet as the market awaits for U.K. employment data and the Fed statement tomorrow. The pair is settling in a range of 1.5820 and 1.5905. The Australian-Canadian-dollar pairing is better supported today as recent Chinese trade data has been supportive of the Australian dollar. We expect the pair to trade between 1.0329 and 1.0369 today. The New Zealand-Canadian-dollar pairing is testing resistance at 0.8270 again this morning which we expect to hold and cap upside advance today. Support comes in at 0.8225 on the downside.

Data Releases

CAD: International Merchandise Trade

AUD: Westpac Consumer Confidence

EUR: Greece Buyback of Bonds

GBP: No data expected

JPY: Machine Orders

NZD: No data today

USD: Trade Balance

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