U.S. Dollar vs Canadian Dollar: The USD/CAD jumped up from 0.9680 to 0.9780 yesterday as weaker U.S. fundamental data helped push investors away from commodity-based currencies. Tomorrow, the U.S. employment figures will be released, which may create substantial movement in the market. Current technical support is at 0.9660 while resistance holds the U.S. Dollar at 0.9800.
We expect a trading range of 0.9750 and 0.9820.
Canadian Dollar vs Euro: The Euro has rocketed 150 points higher to 1.4135 as markets react very positively to news that Greece has reportedly agreed to a new fiscal package with the EU. Tomorrow, the IMF will make comment on the Greek debt repayments which will have Traders moving the pairing.
We expect a range today in the EUR/CAD rate of 1.4100 and 1.4175.
Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The Great British Pound opens in North America at 1.5994, gaining strength from better-than-expected PMI results. The dovish trend is still being supported by comments regarding the possibility of expanding the quantitative easing program and likely no monetary tightening. The Australian Dollar is changing hands at 1.0420 this morning. Retail Sales printed better than expected strengthening the AUD overnight. The New Zealand Dollar is heading into today’s trading session at 0.7977, losing some steam after breaking a new three-year high.
Data Releases:
AUD: AiG Performance of Service.
CAD: No data expected today.
EUR: No data expected today.
GBP: No data expected today.
JPY: No data expected today.
NZD: Building Permits.
USD: Factory Orders.
