Daily Forex Commentary

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Friday, 27 January 2012 - Market Commentary

By Darren Richardson

:: US Dollar vs Canadian Dollar: USD/CAD is still flirting with parity with plenty of corporate interest to buy USD still evident at these levels. The risk rally continues in the aftermath of the FOMC’s surprise announcement on Wednesday with equities and commodities all higher.

- We expect a trading range of 0.9980 and 1.0080.

:: Canadian Dollar vs Euro: The Euro has been range bound between 1.3120 and 1.3180 since Tuesday as the pairing remains on the sidelines. The market is still waiting for news on how the EU plans to resolve the debt problems in Greece.

- We expect a range today in the EUR/CAD rate of 1.3100 and 1.3180.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The Sterling was unable to break technical resistance at 1.5800 on Wednesday is now down at 1.5700. The Australian Dollar is still testing yearly highs at 1.0660, on the daily charts there are some possible reversal patterns emerging. The Kiwi has recorded 5 straight days of gains against the Loonie as the AUD and NZD charge higher across the board.

:: Data Releases:

AUD:           No data expected today.

CAD:           No data expected today.

EUR:           Euro-Zone M3.

GBP:           Nationwide House Prices.

JPY:           No data expected today.

NZD:           No data expected today.

USD:           Gross Domestic Product.

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