CanadianForex Daily Forex Commentary

Daily Forex Commentary - Wednesday, 08 Sep 2010

Wed, 08 Sep 2010 12:30:32:037 GMT

:: US Dollar vs Canadian Dollar: Today’s North American session is opening with the U.S. dollar mixed and overnight moves sedated. The markets in general are mixed seeing Asian equities & oil posting red numbers while European bourses & gold are back in black. There is a great deal of anticipation as the market awaits the BoC decision this morning. Being the only G7 central bank currently in the midst of rate policy movement, the broader market is paying particular attention to this move in order to gauge official sentiment. A pause will see risk aversion take hold while a hike will send ripples of confidence throughout markets allowing people to add to risk appetites. The accompanying verbiage will be just as important as the rate decision itself. A hike with no change in wording will be a massive boost to confidence signaling the Bank will maintain its hawkish stance in coming months. A hike with a cautionary clause will see CAD spike higher but will also undermine long term strength as it will be deemed the Bank has ended its hiking cycle. No hike will see CAD weaken and broader risk aversion take place. Short term levels are rather meaningless on days like today but watch the 1.0340 & 1.0250 levels on the down side and the 1.0550 and 1.0680 levels above.

- We expect a range today in USD/CAD rate of 1.0350 to 1.0680.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD & CAD/JPY are virtually unchanged as the market awaits the BoC rate decision

- We expect a range today in the EUR/CAD rate of 1.3200 to 1.3500 and in the CAD/JPY rate of 79.00 to 82.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6180) is significantly higher on better than feared BRC data yesterday and production data today. AUD/CAD (.9600) is higher after Australian home loans surprised to the topside showing life down under with housing finances. NZD/CAD (.7540) remains neutral before the BoC decision.

:: Data Releases:

CAD: Building Permits m/m, BOC Rate Statement, Ivey PMI
USD: Beige Book, Consumer Credit m/m
AUD: Employment Change, Unemployment Rate
EUR: German Trade Balance, German Industrial Production m/m, French Trade Balance
GBP: Halifax HPI m/m, Manufacturing Production m/m, Industrial Production m/m, NIESR GDP Estimate
JPY BSI Manufacturing Index
NZD: Manufacturing Sales q/q

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Tuesday, 07 Sep 2010

Tue, 07 Sep 2010 13:07:13:820 GMT

:: US Dollar vs Canadian Dollar: The positive sentiment gleaned from Friday’s better than expected U.S. employment data has faded and the U.S. dollar has risen off the lows seen in yesterday’s thinned holiday market. Focus has turned to global rates which last night saw the BoJ & RBA leave policies unchanged, sparking further speculation regarding faltering global economic momentum. Global equities, oil & gold are all in the red this morning. USD/CAD bottomed at 1.0340 in an uninspired Labor Day session and is retesting above Friday’s closing levels near 1.0420. All eyes will be squarely focused on tomorrow’s BoC rate decision at 9 AM EST for both a rate move & the accompanying statement. The market is fairly evenly split as to whether they raise or remain unchanged but most agree there is only one hike left until a prolonged pause if data remains less supportive as it has in the past few weeks. Look for resistance at 1.0440, 1.0485 & 1.0520 while support comes in below at 1.0400 and 1.0340.

- We expect a range today in USD/CAD rate of 1.0350 to 1.0500.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is lower with “a Wall Street Journal report claiming the European stress test as underreporting the level of government debt held by banks.” CAD/JPY has weakened with the BoJ keeping rates on hold & speculation that they will ease further if required.

- We expect a range today in the EUR/CAD rate of 1.3250 to 1.3400 and in the CAD/JPY rate of 79.50 to 81.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.5980) is off the lows from Friday with constructive retail figures providing support for the British unit. AUD/CAD (.9520) is lower after the RBA kept its policy rate on hold overnight. NZD/CAD (.7530) remains buoyant with dim rate prospects for Canada..

:: Data Releases:

CAD: No Data
USD: No Data
AUD: Home Loans m/m
EUR: German Factory Orders m/m
GBP: BRC Shop Price Index y/y
JPY Core Machinery Orders m/m, Bank Lending y/y, Current Account, M2 Money Stock y/y
NZD: Manufacturing Sales q/q

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Thursday, 02 Sep 2010

Thu, 02 Sep 2010 13:09:37:333 GMT

:: US Dollar vs Canadian Dollar: The Canadian Dollar strengthened to 1.0490 yesterday as strong performances from the equity and commodity markets boosted Traders confidence. Today the US Initial Jobless Claims were released with figures providing a pleasant surprise for investors and further support for the Loonie. Technical levels remain at 1.0425 and 1.0550 with market analysts all awaiting tomorrows key US Unemployment Rate.

- We expect a trading range of 1.0425 and 1.0575.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro has had a quite week remaining within a tight trading band of 1.34 to 1.35. Earlier today the ECB released its rate decision keeping rates on hold as expected. The Japanese Yen has taken its foot off the gas and retreated to 80.14 as the Yen continues to gain against the Majors.

- We expect a range today in the EUR/CAD rate of 1.3400 and 1.3500.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound has been unable to hold onto its 1.63 level to currently change hands at 1.6150. Yesterday the Australian Dollar touched 0.9550, its highest level since January against the Loonie as investors continue to take advantage of Australia''s higher fixed returns. The New Zealand Dollar followed the Aussie Dollar higher to 0.7525.

:: Data Releases:

AUD: AiG Performance of Service Index.
CAD: No data expected today.
EUR: Euro-Zone Gross Domestic Product, Central Bank Rate Decision.
GBP: Nationwide House Price.
JPY: No data expected today.
NZD: No data expected today.
USD: Initial Jobless Claims, Pending Home Sales.

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Wednesday, 01 Sep 2010

Wed, 01 Sep 2010 12:55:23:570 GMT

:: US Dollar vs Canadian Dollar: Strong Australian GDP and slightly positive Chinese data have staved off another bout of risk aversion overnight & the U.S. dollar is weaker. Equity markets have rallied strongly & commodities are marginally higher. This does not, however, mean that all is good in the land of OZ and we still need to get through an abundance of data releases in the next few days, culminating with Friday’s U.S. employment data. USD/CAD has once again failed to break above solid resistance at the 1.0680 level but is lagging other risk sensitive currencies this morning. Look for strong USD support between 1.0475 & 1.0525 if risk appetites remain buoyant but a move back above 1.0620 will be trouble for the C$.

- We expect a range today in USD/CAD rate of 1.0525 to 1.0675.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is, again, stronger as CAD lags the Euro even though Euro zone data was mixed. With benign Canadian data releases recently & the BoC hike unlikely CAD will continue to suffer here. CAD/JPY remains unchanged as the Yen remains in favor in either risk on or risk off scenarios.

- We expect a range today in the EUR/CAD rate of 1.3500 to 1.3650 and in the CAD/JPY rate of 78.50 to 80.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6330) slightly lower as UK PMI came out worse than expected. These two currencies are battling for bottom spot among G7 currencies at the moment.. AUD/CAD (.9580) has surged on much stronger than expected Australian GDP which came in at 1.2% vs. an expected 0.9%. NZD/CAD (.7480) is benefiting from the AUD numbers as well as the stronger Chinese data.

:: Data Releases:

CAD: No Data
USD: Challenger Job Cuts y/y, ADP Non-Farm Employment Change, Construction Spending m/m, ISM Manufacturing Prices, Crude Oil Inventories
AUD: Trade Balance
EUR: German Retail Sales m/m, Final Manufacturing PMI
GBP: Manufacturing PMI
JPY Monetary Base y/y
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Tuesday, 31 Aug 2010

Tue, 31 Aug 2010 13:00:32:483 GMT

:: US Dollar vs Canadian Dollar: A general malaise regarding the global recovery has shifted us towards risk aversion once again with month end equity portfolio rebalancing adding fuel to this most recent U.S. dollar rally. With expectations for poor data releases out of the U.S. & Canada this week, sentiment is shifting against the Canadian dollar. The Bank of Canada has, at most, one last rate hike in the chamber over the next few meetings and then they will be out of bullets. With the economic backdrop such as it is, there is a very good chance they are done hiking rates until mid to late 2011. On the technical side the 100 & 200 day moving averages are close to crossing which could further weaken the CAD dramatically. A strong move higher in the next few sessions would be enough to prompt this cross which, in the past, has been the start of large long term trends. Look for a break of 1.0680 to signal a strong test of the 1.0750 with 1.0860 behind. Support resides at 1.0580 & 1.0470.

- We expect a range today in USD/CAD rate of 1.0580 to 1.0730.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is stronger as CAD bears the brunt of risk aversion for the reasons mentioned above. German employment data & Italian consumer confidence were both stronger adding to the Euro’s gains. CAD/JPY has slipped again as players continue to test the resolve of the BoJ and strengthen the Yen.

- We expect a range today in the EUR/CAD rate of 1.3450 to 1.3600 and in the CAD/JPY rate of 78.50 to 80.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6370) is marginally higher as GFK Consumer Confidence posted a stronger result in August and we now await further UK data releases this week. AUD/CAD (.9450) is gaining ground again as Australian retail sales had its strongest showing since March. NZD/CAD (.7420) “sold off on news overnight that a finance company had filed for receivership after failing to find a buyer, prompting a government bailout of NZD 1.6bn.”

:: Data Releases:

CAD: GDP m/m
USD: S&P/CS Composite-20 HPI y/y, Chicago PMI, CB Consumer Confidence, FOMC Meeting Minutes
AUD: AIG Manufacturing Index, GDP q/q, Commodity Prices y/y
EUR: German Unemployment Change, Italian Retail Sales m/m, CPI Flash Estimate y/y, Unemployment Rate
GBP: GfK Consumer Confidence
JPY Manufacturing PMI, Prelim Industrial Production m/m, Retail Sales y/y, Average Cash Earnings y/y, Housing Starts y/y
NZD: ANZ Commodity Prices m/m

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Monday, 30 Aug 2010

Mon, 30 Aug 2010 12:35:55:467 GMT

:: US Dollar vs Canadian Dollar: After an extremely volatile session on Friday, USD/CAD closed at 1.0515, the bottom of the day’s range, and has not traded above there since. Overnight the pair rattled around between 1.0470 & 1.0510 in a quiet session with UK markets closed. Nothing of relevance came out of the Jackson Hole meetings and the market will focus on a plethora of economic releases this week from the U.S. culminating in Friday’s employment data. Sentiment is currently for a weaker USD as recent data has been less than impressive out of the U.S. and forecasts for this weeks data points are not looking for stellar figures. USD/CAD will find resistance above at 1.0520 & 1.0585 while support sits at 1.0440 & 1.0385.

- We expect a range today in USD/CAD rate of 1.0400 to 1.0550.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is lower despite better than expected Consumer confidence data released today in Europe. CAD managed to hold on to gains from Friday vs. the majority of its G7 partners. CAD/JPY is higher as Bank of Japan announcements failed to impress the market as people were looking for added stimulus measures from the BoJ, beyond the measures announced last night.

- We expect a range today in the EUR/CAD rate of 1.3300 to 1.3450 and in the CAD/JPY rate of 80.00 to 81.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6340) is lower from Friday as well. A quiet session today due to a UK holiday will give way later in the week & the focus will likely be on the August PMI surveys with the manufacturing survey on Wednesday and services on Friday. AUD/CAD (.9410) off Friday’s highs of .9495 as we await Q2 GDP figures for both countries later in the week. NZD/CAD (.7440) is lower as it reported a larger than expected trade deficit of NZD 186 million in July and a fall in business confidence to 16.4 in August..

:: Data Releases:

CAD: Current Account, RMPI m/m, IPPI m/m
USD: Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m
AUD: Building Approvals m/m, Retail Sales m/m, Current Account, Private Sector Credit m/m
EUR: German Import Prices m/m, German Prelim CPI m/m
GBP: GfK Consumer Confidence
JPY Manufacturing PMI, Prelim Industrial Production m/m, Retail Sales y/y, Average Cash Earnings y/y, Housing Starts y/y
NZD: Building Consents m/m

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Friday, 27 Aug 2010

Fri, 27 Aug 2010 12:32:20:160 GMT

:: US Dollar vs Canadian Dollar: Markets have remained relatively calm overnight as investors wait to hear of any measures that will boost the global economy at a summit of central bank heads in Jackson Hole, Wyoming. The meeting, which takes place over three days, may provide some volatility for the markets as traders decipher any relevant information that may be dribbled out to the press. This morning’s U.S. GDP data will also give impetus to the markets. USD/CAD is slightly higher on news that CPP has agreed to buy Australia’s Intoll for A$3.4 billion. We are still within recent ranges and will need to hurdle significant resistance at 1.0670-80 in order to see another leg higher in this current bout of U.S. dollar strength. Downside support still rests at 1.0515 and 1.0440.

- We expect a range today in USD/CAD rate of 1.0550 to 1.0700.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD & CAD/JPY are unchanged from our close yesterday with all eyes on FED Chairman Bernanke’s speech at 10 AM EST in Wyoming. The Japanese Prime Minister voiced his government’s concern over recent Yen strength in a speech today as official rhetoric is heating up with more Japanese exporters bemoan the strong Yen.

- We expect a range today in the EUR/CAD rate of 1.3400 to 1.3550 and in the CAD/JPY rate of 79.00 to 80.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6430) is again unchanged with UK Q2 GDP growth revised a touch higher to 1.2%qoq from the preliminary estimate of 1.1%qoq. AUD/CAD (.9410) is stronger due to the above mentioned M&A activity involving Canada’s CPP & the Australian company Intoll. NZD/CAD (.7480) is marginally higher on the back of this transaction in sympathy..

:: Data Releases:

CAD: No Data
USD: Prelim GDP q/q, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
AUD: No Data
EUR: German Import Prices m/m, German Prelim CPI m/m
GBP: Revised GDP q/q, Prelim Business Investment q/q, Index of Services 3m/3m
JPY No Data
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Thursday, 26 Aug 2010

Thu, 26 Aug 2010 13:00:32:177 GMT

:: US Dollar vs Canadian Dollar: A slight reprieve from risk aversion has taken place overnight and the U.S. dollar is marginally weaker while commodities & equities are in positive territory. Nothing in particular can be pointed to for this minor change in sentiment & with U.S. unemployment claims coming out momentarily we could easily swing back to risk aversion. USD/CAD has traded down to 1.0545 with 1.0605 capping overnight action. The 1.0660-80 area is now rather significant resistance and downside support now rests at 1.0515 and 1.0440.

- We expect a range today in USD/CAD rate of 1.0500 to 1.0650.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is lower as risk appetites turn positive and the Irish downgrade by S&P weighs on the Euro. CAD/JPY is stronger with Yen sales emerging on concerns of BoJ intervention & a return to risk buoying the CAD.

- We expect a range today in the EUR/CAD rate of 1.3350 to 1.3500 and in the CAD/JPY rate of 79.50 to 81.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6410) is unchanged even “after CBI Reported Sale posted a robust 35 reading vs. the market expectations of 18, which shows that consumer demand in the UK is not yet dead.” AUD/CAD (.9380) & NZD/CAD (.7450) are relatively unchanged as commodity currencies are doing well against other G-10 units but muted vs. each other.

:: Data Releases:

CAD: No Data
USD: Unemployment Claims, Mortgage Delinquencies, Natural Gas Storage
AUD: No Data
EUR: GfK German Consumer Climate, M3 Money Supply y/y, Private Loans y/y
GBP: CBI Realized Sales
JPY Household Spending y/y, National Core CPI y/y, Unemployment Rate
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Wednesday, 25 Aug 2010

Wed, 25 Aug 2010 12:55:09:507 GMT

:: US Dollar vs Canadian Dollar: USD/CAD bottomed out yesterday at support levels near 1.0565 and has resumed its upside trek hitting 1.0665 in early North American dealing. A previous triple top at 1.0680 will provide resistance but sentiment may prove too strong and see us break higher towards the 1.0750 to 1.0850 zone.

- We expect a range today in USD/CAD rate of 1.0580 to 1.0730.

:: Canadian Dollar vs Euro and Japanese Yen: More gloom is spreading across markets with yesterday’s S&P rating downgrade of Ireland from AA to AA- and a disappointing Portuguese bond auction this morning. The combination of these events is bolstering negative sentiment and supporting the U.S. dollar in a flight to risk aversion. Stronger than expected German data did not sway this negative sentiment and expectations for this morning’s U.S. data are for weaker numbers. EUR/CAD is marginally higher in listless trading as the focus is on the USD. Players are also watching the BoJ for any signal of intervention with speculation that only a breach of 80.00 vs. the USD will prompt the Japanese central bank to take action. CAD/JPY is higher on intervention concerns.

- We expect a range today in the EUR/CAD rate of 1.3400 to 1.3550 and in the CAD/JPY rate of 78.50 to 80.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6440) is unchanged, again the focus being the USD & not the crosses. AUD/CAD (.9360) & NZD/CAD (.7430) are relatively unchanged as commodity currencies are taking a back seat in the risk aversion scenario.

:: Data Releases:

CAD: Corporate Profits q/q
USD: Durable Goods Orders m/m, New Home Sales, HPI m/m, Crude Oil Inventories
AUD: CB Leading Index m/m, Private Capital Expenditure q/q
EUR: German Ifo Business Climate
GBP: No Data
JPY No Data
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Tuesday, 24 Aug 2010

Tue, 24 Aug 2010 13:09:09:660 GMT

:: US Dollar vs Canadian Dollar: Risk aversion is sweeping across the markets as central bankers and economists are all warning of a double dip recession. USD/CAD has surged higher on the back of this sentiment and further CAD weakness has ensued after Core Retail Sales data showed a drop of 0.5%. We have traded as high as 1.0655 this morning and will see continued CAD weakness if Yen continues to strengthen. The Bank of Canada will be hard pressed to hike rates in the face of recent weaker than expected economic data. Support now sits at 1.0615 & 1.0585 while resistance above comes at 1.0680 and 1.0720.

- We expect a range today in USD/CAD rate of 1.0580 to 1.0730.

:: Canadian Dollar vs Euro and Japanese Yen: The European Economic Chief is warning that a slowdown in Asia will have a great effect on Europe while JPY is soaring with no BoJ intervention in sight and has risen to a 15 year high vs. the U.S. dollar. CAD has weakened dramatically against both currencies in this risk aversion environment.

- We expect a range today in the EUR/CAD rate of 1.3350 to 1.3500 and in the CAD/JPY rate of 78.00 to 79.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6410) has rocketed higher from risk aversion as Bank of England policy maker Weale sounded the alarm for a second UK recession. AUD/CAD (.9390) & NZD/CAD (.7470) have risen modestly as all commodity currencies are getting hammered in this environment and trading relatively flat amongst each other..

:: Data Releases:

CAD: Core Retail Sales m/m
USD: Existing Home Sales, Richmond Manufacturing Index
AUD: Construction Work Done q/q
EUR: German Final GDP q/q, Industrial New Orders m/m, Belgium NBB Business Climate
GBP: BBA Mortgage Approvals
JPY Trade Balance, CSPI y/y
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Monday, 23 Aug 2010

Mon, 23 Aug 2010 13:09:37:033 GMT

:: US Dollar vs Canadian Dollar: Last week’s poor North American data took its toll on risk profiles and the U.S. dollar has held on to significant gains posted at the end of the week. This week sees further significant data releases for the U.S. & Canada on Tuesday & Wednesday which will give the market deeper insight as to whether or not the dreaded double dip is looming. To counter the doom & gloom scenario we have an up tick in M&A activity with the possibility of several large deals coming down the pipe. All in all, it is the usual tug of war taking place with volatility very much present and accounted for. USD/CAD is toying with topside resistance and a clear close above 1.0480 will open the door for a test of higher levels. With more & more people looking for the Bank of Canada to stay on hold in 2 weeks time, CAD may come under added pressure. Resistance looms above at 1.0480, 1.0510 & 1.0585 while support comes in at 1.0415 & 1.0380.

- We expect a range today in USD/CAD rate of 1.0350 to 1.0500.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is remaining relatively stable as players prefer to speculate vs. the U.S. dollar & Yen with the risk aversion scenario. CAD/JPY, conversely, is lower as CAD gives ground across the board after Friday’s inflation data.

- We expect a range today in the EUR/CAD rate of 1.3200 to 1.3350 and in the CAD/JPY rate of 81.00 to 82.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6250) off Friday’s highs as players are lining up to sell the GBP with the government’s austerity measures beginning to take effect on the economy. AUD/CAD (.9370) has risen after the Australian election failed to choose a majority for any party, thereby sparking speculation that the proposed mining tax is now dead. NZD/CAD (.7430) is also higher as the Kiwi garners favour from the perception the BoC will not be raising rates in September.

:: Data Releases:

CAD: No Data
USD: No Data
AUD: No Data
EUR: Flash Services PMI, Flash Manufacturing PMI, Consumer Confidence
GBP: No Data
JPY No Data
NZD: Inflation Expectations q/q

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Friday, 20 Aug 2010

Fri, 20 Aug 2010 13:43:45:877 GMT

:: US Dollar vs Canadian Dollar: The US Dollar has jumped to 1.0490 this morning as weaker Canadian data eroded confidence in the Loonie. The Canadian Consumer Price Index printed today at 1.8% well below market expectations of 2.1%. The figures also lower interest rate forecasts and thus pushed investors away form the the Loonie. Currently there is significant technical resistance at 1.0500 with Traders believing this will hold in the short term.

- We expect a trading range of 1.0375 and 1.0500.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro has kept its head above 1.3300 as the Loonie remains under pressure. The Japanese Yen touched its equal high of the year at 81.05 before settling at the familiar 81.75.

- We expect a range today in the EUR/CAD rate of 1.3300 and 1.3400.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound has held firm at 1.6225 this morning. The Australian Dollar rocketed to 0.9300 this morning as investors took full advantage of the weaker CAD data. The New Zealand Dollar followed the Aussie higher to currently change hands at 0.7357.

:: Data Releases:

AUD: No data expected today.
CAD: Consumer Price Index.
EUR: No data expected today.
GBP: No data expected today.
JPY: No data expected today.
NZD: No data expected today.
USD: No data expected today.

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Thursday, 19 Aug 2010

Thu, 19 Aug 2010 14:12:51:650 GMT

:: US Dollar vs Canadian Dollar: The Canadian Dollar touched 1.0250 earlier this morning before sluggish data from both the US and Canada stimulated heavy CAD selling. Today the US jobless claims rose to their highest level since November unsettling investors toward safe house USD. Tomorrow the Canadian Consumer Price Index will be released, if we see higher figures the Loonie will look to accelerate to 1.0250.

- We expect a trading range of 1.0300 and 1.0400.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro has spiked to 1.3345 today as the Loonie takes a step down this morning. The Euro has now bounced back to the familiar 1.33 to 1.37 area, a range it has held for the past month. The Japanese Yen continues to dominate the Loonie resting near yearly highs of 81.91.

- We expect a range today in the EUR/CAD rate of 1.3300 and 1.3400.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound powered to 1.6215 today as impressive Retail Sales figures released in the UK boosted confidence in the Pound. The Australian Dollar was looking to fall below 0.9200 this week before profit taking pull the Aussie to 0.9280. The New Zealand Dollar has had a quite session remaining unchanged at 0.7345.

:: Data Releases:

AUD: No data expected today.
CAD: Leading Indicators, Wholesale Sales.
EUR: German Producer Price Index.
GBP: Retail Sales.
JPY: No data expected today.
NZD: Credit Card Spending.
USD: Philadelphia Fed, Leading Indicators, Jobless Claims.

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Wednesday, 18 Aug 2010

Wed, 18 Aug 2010 12:33:24:653 GMT

:: US Dollar vs Canadian Dollar: Global equities & commodities are softer this morning, albeit in the back drop of a very uninspiring end of summer market. The U.S. dollar is mixed today but decidedly weaker vs. the CAD. BHP Billiton has upped their hostile bid by $1 billion for Potash Corp. thereby putting pressure on AUD/CAD which is translating into CAD strength across the board. USD/CAD is resting at the 1.0280 support level and looks as though it will grind lower barring any unforeseen events. The BHP bid expires on October 19 at which point it is expected they will formalize the offer. I would expect we will see underlying demand for CAD to slowly take us towards the 1.0110-1.0150 area in coming sessions. Beware of sharp, temporary spikes that will be needed to flush out weak CAD longs that are jumping on the CAD bandwagon with hopes of easy profits. It is very likely we will see a retest higher rather than a one way trade towards parity. Resistance now comes in above at 1.0350, 1.0415 & 1.0485.

- We expect a range today in USD/CAD rate of 1.0200 to 1.0350.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is weaker on the BHP bid despite a minor data release of European construction output increasing by 3.1% y/y, its highest annual rate of increase since mid 2007. CAD/JPY continues to move higher with renewed calls for BOJ intervention & a red hot CAD.

- We expect a range today in the EUR/CAD rate of 1.3150 to 1.3300 and in the CAD/JPY rate of 82.50 to 84.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6100) has bounced off the lows at 1.6000 after the Bank of England did not mention any further quantitative easing measures as they kept rates unchanged this morning. AUD/CAD (.9280) will remain under pressure as long as BHP continues its hostile bid for Potash Corp. NZD/CAD (.7380) is actually higher despite the BHP bid as AUD/NZD is bouncing off the 200 day moving average, translating into a reprieve on Kiwi selling at the moment.

:: Data Releases:

CAD: No Data
USD: Crude Oil Inventories
AUD: No Data
EUR: No Data
GBP: MPC Meeting Minutes
JPY No Data
NZD: PPI Input q/q, PPI Output q/q

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Tuesday, 17 Aug 2010

Tue, 17 Aug 2010 12:49:40:067 GMT

:: US Dollar vs Canadian Dollar: European equities & commodities are in positive territory and the U.S. dollar is moderately lower ahead of U.S data being released at 8:30 AM EST. Limited news flow overnight has seen a tentative return to bolstering risk profiles with EUR & the commodity currencies outperforming. CAD is strengthening on news that BHP Billiton has made an unsolicited offer of $39 billion for Saskatchewan’s Potash Corp. The offer has been turned down as Potash Corp. believes it substantially undervalues the company. This is only the beginning of the bidding process and should support CAD for the time being. Look for a break below 1.0350 to open the door for a test of 1.0280. Resistance is at 1.0450 and 1.0500.

- We expect a range today in USD/CAD rate of 1.0300 to 1.0450.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is relatively unchanged as EUR strength on risk demand has been matched by CAD strength from the BHP takeover attempt. CAD/JPY is modestly higher as concerns over BOJ intervention seem to be fading.

- We expect a range today in the EUR/CAD rate of 1.3300 to 1.3450 and in the CAD/JPY rate of 81.50 to 83.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6180) is dramatically lower despite today’s UK CPI release showing that consumer prices are still trending higher. AUD/CAD (.9360) is off its highs as the BHP/Potash deal has taken the edge off this cross. NZD/CAD (.7360) is relatively unchanged.

:: Data Releases:

CAD: Foreign Securities Purchases, Manufacturing Sales m/m
USD: Building Permits, PPI m/m, Housing Starts, Capacity Utilization Rate, Industrial Production m/m
AUD: MI Leading Index m/m, Wage Price Index q/q
EUR: Current Account, ZEW Economic Sentiment
GBP: CPI y/y, RPI y/y, BOE Inflation Letter
JPY No Data
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Monday, 16 Aug 2010

Mon, 16 Aug 2010 13:04:17:940 GMT

:: US Dollar vs Canadian Dollar: Global equities are moderately lower to begin the week and most currencies are not far from Friday’s closing levels except CHF which is benefiting from safe haven status. This week we have a mix of U.S. data coming out on Tuesday & Thursday while the BoC Review is slated for Thursday & Canadian CPI out Friday. USD/CAD has been very tame overnight and will be hard pressed to break out of its recent trading range between 1.0110 & 1.0500. Major trend line resistance above is at 1.0504 while minor support lies at 1.0350 & 1.0295.

- We expect a range today in USD/CAD rate of 1.0350 to 1.0500.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is moderately higher to begin the week as risk aversion sentiment wanes for the time being. Look for this pair to remain under pressure as European sovereign concerns are still on the minds of many. CAD/JPY is slightly lower despite growing concerns of the possibility the BOJ will intervene to weaken the Yen.

- We expect a range today in the EUR/CAD rate of 1.3250 to 1.3400 and in the CAD/JPY rate of 81.50 to 83.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6320) is remaining surprisingly resilient in the face of market expectations for a poor retail sales release on Thursday. AUD/CAD (.9310) is lower “ahead of the RBA board meeting minutes release (21:30 EST), which could point to a prolonged pause in interest rate increases.” NZD/CAD (.7330) is relatively unchanged.

:: Data Releases:

CAD: No Data
USD: Empire State Manufacturing Index, TIC Long-Term Purchases, NAHB Housing Market Index
AUD: Monetary Policy Meeting Minutes
EUR: CPI y/y
GBP: No Data
JPY No Data
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Friday, 13 Aug 2010

Fri, 13 Aug 2010 13:14:00:940 GMT

:: US Dollar vs Canadian Dollar: Risk aversion remains the prevalent theme of the market but the Canadian dollar is faring better than most currencies in this scenario. Significant trend line resistance at 1.0510 and previous tops near 1.0500 are capping further USD gains for the time being.

- We expect a range today in USD/CAD rate of 1.0350 to 1.0500.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is lower as European fears have once again reemerged with Spanish & Greek debt concerns at the forefront, pushing aside positive sentiments of recent German growth. CAD/JPY is strengthening as fears of BOJ intervention are making the rounds again which would see the Yen weaken dramatically.

- We expect a range today in the EUR/CAD rate of 1.3250 to 1.3400 and in the CAD/JPY rate of 82.00 to 83.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6250) is managing to tread water even with yesterday’s news that BAA ground workers are planning to strike. Both AUD/CAD & NZD/CAD are lower with CAD outperforming the antipodean currencies.

:: Data Releases:

CAD: New Motor Vehicle Sales m/m
USD: Core CPI m/m, Core Retail Sales m/m, CPI m/m, Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations, Business Inventories m/m
AUD: No Data
EUR: German Prelim GDP q/q, French Prelim Non-Farm Payrolls q/q, French CPI m/m, French Prelim GDP q/q, Flash GDP q/q, Trade Balance
GBP: No Data
JPY No Data
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Thursday, 12 Aug 2010

Thu, 12 Aug 2010 13:19:29:717 GMT

:: US Dollar vs Canadian Dollar: The Canadian Dollar dropped 1.8% yesterday as the market turn swiftly to the risk off trade. US equities recorded its largest single day fall in over a month as investors looked to take profit and enter safer assets. Today Traders are expecting a more subdued day as the market awaits key US data releases on Friday. The key level for the USD/CAD today is 1.05, if the pairing closes above this level the Loonie could be in for further losses.

- We expect a trading range of 1.0375 and 1.0500.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro is currently resting at 1.3425 slightly higher than technical support at 1.3400. Analysts will be watching the level closely, with a close below indicating a drop in the Euro. The Japanese Yen is fighting to hold onto its highest level this year against the Loonie at 81.52.

- We expect a range today in the EUR/CAD rate of 1.3400 and 1.3500.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound hit its highest level since February at 1.6400 before profit taking pulled the Pound back to 1.6335. The Australian Dollar retreated from 0.9415 to change hands at 0.9350. The New Zealand Dollar followed the Aussie lower to 0.7405.

:: Data Releases:

AUD: No data expected today.
CAD: No data expected today.
EUR: Italian Trade Balance.
GBP: No data expected today.
JPY: No data expected today.
NZD: Retail Sales.
USD: Import Price Index.

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Wednesday, 11 Aug 2010

Wed, 11 Aug 2010 13:40:38:090 GMT

:: US Dollar vs Canadian Dollar: Yesterday afternoon saw the Fed announce it would be stepping up its efforts to stimulate economic activity with a 2 Trillion dollar investment. The market reacted to the news very positively turning to higher risk assets and pushing the USD/CAD to 1.0300. Unfortunately for USD buyers very disappointing Canadian and US Trade figures released this morning eroded market confidence and elevated the USD to 1.0415. Traders are currently on the sidelines awaiting more negative news before dispensing the notion of a stronger Canadian Dollar.

- We expect a trading range of 1.0300 and 1.0475.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro had a quite overnight session remain solid around 1.3500. Earlier today impressive French data helped the Euro keep its head above tecnhical support at the figure 1.35. The Japanese Yen strengthened to its highest level since December 2009 to currently change hands at 81.35.

- We expect a range today in the EUR/CAD rate of 1.3400 and 1.3525.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound has maintained its momentum to 1.6350 this morning as investors’ begin to find confidence in the Pound. The Australian Dollar is currently sitting at 0.9415 above its 2010 range of 0.92 to 0.94. Traders expect the Aussie to slip back in the range this week. The New Zealand Dollar followed the Aussie Dollar higher to 0.7482 this morning.

:: Data Releases:

AUD: Employment Change.
CAD: International Merchandise Trade.
EUR: French Current Account.
GBP: ILO Unemployment Rate ,Bank of England Quarterly Inflation Report.
JPY: Consumer Confidence.
NZD: No data expected today.
USD: Trade Balance, U.S. Crude Oil.

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Tuesday, 10 Aug 2010

Tue, 10 Aug 2010 18:16:37:353 GMT

:: US Dollar vs Canadian Dollar: The Big Dollar spiked to 1.0380 this morning as concerns surrounding slowing growth in China saw Traders run to the safe house buying of USD. The Fed will be releasing their rate decision this afternoon with economists beginning to think the Fed may be out of weapons capable of stimulating the economy.

- We expect a trading range of 1.0300 and 1.0400.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro tested 1.3700 last week but was unable to hold on slipping to 1.3585 today. The German CPI was released earlier today with figure printing in line with market expectations. The Japanese Yen has been contained between 82.00 and 85.00 over the past two months.

- We expect a range today in the EUR/CAD rate of 1.3500 and 1.3600.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound has step above 1.62 this week to currently change hands at 1.6375, it highest level since February. The Australian Dollar has rocketed to 0.9420 its highest level since mid May. The New Zealand Dollar was one of few currencies to hit the Loonie remaining solid at 0.7475.

:: Data Releases:

AUD: Import Export Price Index.
CAD: Housing Starts, New Housing Price Index.
EUR: German CPI.
GBP: Trade Balance.
JPY: Machine Orders, Domestic Corporate Goods.
NZD: No data expected today.
USD: Fed Rate Decision, ABC Consumer Confidence.

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Monday, 09 Aug 2010

Mon, 09 Aug 2010 12:55:00:470 GMT

:: US Dollar vs Canadian Dollar: Asian equities were mixed while European indices are posting gains as soft U.S. jobs data last Friday has market participants feeling quite comfortable the FED will not be raising rates any time soon. The risk trade is maintaining its popularity for the most part but currencies have been muted overnight. Most pairs have traded within a 60 point range offshore and there does not look to be much impetus for a change in the North American session just yet. USD/CAD topped out at 1.0305, just below the 100 day moving average at 1.0308 and will be reluctant to break & close above that level given current market sentiment. A break & close above here would target 1.0350 – 1.0400. Support below is now at 1.0260, 1.0200 & 1.0110.

- We expect a range today in USD/CAD rate of 1.0175 to 1.0325.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is higher after Friday’s North American data but is slipping on profit taking before tomorrow’s FOMC announcement. Look for trading to be muted into tomorrow’s decision. CAD/JPY weakened on Friday but is also posting a muted turn around as players start squaring positions.

- We expect a range today in the EUR/CAD rate of 1.3525 to 1.3675 and in the CAD/JPY rate of 83.00 to 84.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6380) is maintaining its strength but is also being affected by a lck of appetite before tomorrow’s FOMC. AUD/CAD (.9440) is unaffected by any pre-FOMC squaring and is near Friday’s highs. NZD/CAD (.7500) is drifting off the highs seen on Friday in lackluster trading.

:: Data Releases:

CAD: No Data
USD: Loan Officer Survey
AUD: NAB Business Confidence
EUR: German Trade Balance, Sentix Investor Confidence
GBP: RICS House Price Balance, BRC Retail Sales Monitor y/y
JPY Monetary Policy Statement, Overnight Call Rate, Prelim Machine Tool Orders y/y
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Thursday, 05 Aug 2010

Thu, 05 Aug 2010 13:06:53:620 GMT

:: US Dollar vs Canadian Dollar: According to one of my sources at a Canadian bank, “the Canadian dollar has been lifted amid talks of Royal Dutch Shell looking to buy Canadian Encana Corporation, which has a market cap of Cad 23.57 billion.” USD/CAD has traded as low as 1.0112 after closing below the key 100 day moving average several sessions ago and looks to be preparing an assault on the mythical “par” level. Beware of a sharp turn around as daily indicators are moving into oversold territory and nothing has been confirmed on this takeover. Support comes in at 1.0110 and 1.0000 while resistance will be at 1.0185 and 1.0225.

- We expect a range today in USD/CAD rate of 1.0050 to 1.0200.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is aggressively lower from profit taking and the rumoured M&A activity involving CAD. The ECB left rates & policies unchanged adding to slight pressure on the Euro. CAD/JPY is also greatly improved on similar sentiments.

- We expect a range today in the EUR/CAD rate of 1.3300 to 1.3450 and in the CAD/JPY rate of 84.00 to 85.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6120) is lower as the BoE left rates & policies unchanged and players will now turn their attention towards tomorrow’s North American employment data. AUD/CAD (.9260) is lower on CAD dollar sentiment mentioned above and NZD/CAD (.7370) is lower on similar sentiment as well as weak employment numbers, with unemployment rate posting 6.8% for Q2 vs. the surveyed 6.2%.

:: Data Releases:

CAD: No Data
USD: Unemployment Claims, Natural Gas Storage
AUD: AIG Construction Index, RBA Monetary Policy Statement
EUR: German Factory Orders m/m, Minimum Bid Rate
GBP: Asset Purchase Facility, Official Bank Rate
JPY Leading Indicators
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Wednesday, 04 Aug 2010

Wed, 04 Aug 2010 12:36:10:170 GMT

:: US Dollar vs Canadian Dollar: Little has changed overnight in the currency markets as we await the U.S. employment data preview of ADP employment change. This will give us the tone heading into Friday’s U.S. & Canadian employment data. USD/CAD managed to eek out a 40 point range overnight and is trading near the bottom of its range for the last 3 days. Look for a break below 1.0220 to signal a test of 1.0110 to 1.0150 with plenty of corporate orders lined up to buy U.S. dollars at those levels. Above 1.0265 opens the door to 1.0300 & 1.0380.

- We expect a range today in USD/CAD rate of 1.0150 to 1.0300.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is marginally lower with momentum slowing ahead of Friday’s North American data. CAD/JPY is back on the rise while staying within recent parameters of 83.00 to 85.00.

- We expect a range today in the EUR/CAD rate of 1.3450 to 1.3600 and in the CAD/JPY rate of 83.00 to 84.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6270) is off the highs as CAD gains ground before tomorrow’s BoE decision, where it is expected that rates will remain unchanged .Both AUD/CAD (.9360) & NZD/CAD (.7490) trading sideways, maintaining recent gains as the commodity currencies are all gaining vs. the U.S. dollar..

:: Data Releases:

CAD: No Data
USD: Challenger Job Cuts y/y, ADP Non-Farm Employment Change, ISM Non-Manufacturing PMI, Crude Oil Inventories
AUD: No Data
EUR: Final Services PMI, Retail Sales m/m
GBP: Halifax HPI m/m, Services PMI
JPY No Data
NZD: Employment Change q/q, Unemployment Rate

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Tuesday, 03 Aug 2010

Tue, 03 Aug 2010 13:10:18:367 GMT

:: US Dollar vs Canadian Dollar: Global equities are mixed while oil is still maintaining impressive gains posted yesterday. The U.S. dollar is lower as short end yields are dragged down by FED comments declining to add more stimuli while still projecting “low rates for an extended period of time.” EUR/USD has risen 300 points in the last 3 days while GBP/USD is up 400 points in the same period. AUD & NZD have gained roughly 200 points vs. the USD while CAD is lagging with only 100 points to claim against the greenback. Look for USD/CAD to slowly grind lower towards the previous 1.0110 to 1.0150 area with a cautionary eye to a reversal in USD weakness, which will be swift. A break above 1.0265 will see a move towards the 1.0300 level to retest the 100 day moving average which we have now closed below for the first time in nearly 2 months. Above this targets 1.0380 and 1.0440.

- We expect a range today in USD/CAD rate of 1.0150 to 1.0300.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is higher again as the single currency unit garnered strength from speculation that “Greece’s austerity drive may pass its first test this week.” CAD/JPY has slipped lower as USD weakness is favoring Yen while CAD lags on the USD/CAD cross.

- We expect a range today in the EUR/CAD rate of 1.3500 to 1.3650 and in the CAD/JPY rate of 83.00 to 84.50.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6320) is higher with better than expected Construction PMI data (54.1 vs. exp. 58) released early this morning .Both AUD/CAD (.9330) & NZD/CAD (.7510) are treading water near yesterday’s levels as the RBA announced no change to their interest rate policy overnight.

:: Data Releases:

CAD: No Data
USD: Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m, Pending Home Sales m/m, Factory Orders m/m, Total Vehicle Sales
AUD: AIG Services Index, Trade Balance, HPI q/q
EUR: PPI m/m
GBP: Construction PMI, BRC Shop Price Index y/y
JPY No Data
NZD: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Friday, 30 Jul 2010

Fri, 30 Jul 2010 13:47:44:917 GMT

:: US Dollar vs Canadian Dollar: The Canadian Dollar repeated its routine this morning fight from 1.0380 to 1.0315 before retreating to the all too familiar 1.0360. The US and Canadian GDPs were released today with figures printing in line with expectations. The USD/CAD needs to close below the 100 day moving average at 1.03 before a run to par can be considered.

- We expect a trading range of 1.0300 and 1.0400.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro was unable to hold above 1.35 as mediocre employment figures eroded confidence in the Euro in the short term. The Japanese Yen opens the final session of the week at 83.25 as investor pump between risk on and risk aversion.

- We expect a range today in the EUR/CAD rate of 1.3300 and 1.3500.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound continues to test resistance levels at 1.6150. The Australian Dollar has remained steady at 0.9342 as the Aussie and Loonie remain square. The New Zealand Dollar followed the lead of the Aussie Dollar holding at 0.7490.

:: Data Releases:

AUD: No data expected today.
CAD: Gross Domestic Product.
EUR: Euro-Zone Consumer Price Index.
GBP: No data expected today.
JPY: No data expected today.
NZD: No data expected today.
USD: Gross Domestic Product.

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Thursday, 29 Jul 2010

Thu, 29 Jul 2010 13:11:13:550 GMT

:: US Dollar vs Canadian Dollar: The Canadian Dollar has strengthened to 1.0300 for the fourth time this week without breaking through to 1.0250. The 100 day moving average on the technicals is currently sitting at 1.0301 and providing solid support for the USD. If the USD/CAD can close today below 1.03 Traders are expecting the pairing to fall to 1.0150.

- We expect a trading range of 1.0300 and 1.0380.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro opens the North American session at 1.3513 as the Euro tries to solidify its position in the 1.35 to 1.37 range. If the Euro closes below 1.3425 expect the Euro to slip back to the low 1.30’s. The Japanese Yen had a quite overnight session as investors await tonights key Japanese Employment figures.

- We expect a range today in the EUR/CAD rate of 1.3425 and 1.3500.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound is sitting at 1.6130 its highest level since February. Traders are expecting the Pound to be capped at 1.6150 today. The Australian Dollar rebounded from 0.9240 to 0.9320 overnight as risk appetite reenters the markets. The New Zealand Dollar was unable to hold onto this week’s gains slipping from 0.7575 to 0.7500.

:: Data Releases:

AUD: Private Sector Credit.
CAD: Raw Materials.
EUR: Euro-Zone Business Climate, German Unemployment Rate.
GBP: Mortgage Apprivals.
JPY: National Consumer Price Index, Jobless Rate.
NZD: Building Permits.
USD: Initial Jobless Claims.

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Wednesday, 28 Jul 2010

Wed, 28 Jul 2010 13:20:36:073 GMT

:: US Dollar vs Canadian Dollar: Yesterday’s U.S. consumer confidence was worse than expected, catching the markets off guard and throwing them into a risk aversion scramble. This saw the U.S. dollar climb off the lows against most currencies as many players were spooked out of their short term positions. Overnight we have seen a modest return to risk profiles on little news. USD/CAD topped out overnight at 1.0385 and has since pulled back to the low 1.03 area, aided by weaker than expected Australian inflation figures prompting a sell off in the antipodean currencies against most crosses. A daily close below the 100 day moving average at 1.0300 will prompt more CAD strength but it will be tough sledding to see solid CAD gains vs. the USD at current levels. Look for support to come in at 1.0280 and 1.0250 with resistance at 1.0385 and 1.0440.

- We expect a range today in USD/CAD rate of 1.0200 to 1.0325.

:: Canadian Dollar vs Euro and Japanese Yen: EUR/CAD is marginally lower as CAD outperforms most of the majors with an eye towards future rate hikes in Canada. CAD/JPY is relatively unchanged as the play is largely against the U.S. dollar, not CAD crosses.

- We expect a range today in the EUR/CAD rate of 1.3325 to 1.3475 and in the CAD/JPY rate of 84.50 to 86.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6100) is higher despite Bank of England Governor King and fellow MPC members remained dovish in testimony to the Treasury Committee in parliament. Both AUD/CAD (.9220) & NZD/CAD (.7515) have both been hammered on weaker inflation figures out of Australia.

:: Data Releases:

CAD: No Data
USD: Core Durable Goods Orders m/m, Crude Oil Inventories, Beige Book
AUD: No Data
EUR: German Prelim CPI m/m
GBP: No Data
JPY Retail Sales y/y
NZD: Official Cash Rate, RBNZ Rate Statement, Trade Balance

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Tuesday, 27 Jul 2010

Tue, 27 Jul 2010 12:26:06:297 GMT

:: US Dollar vs Canadian Dollar: While players are adding to their risk profiles, there is an air of caution as most currencies are modestly stronger (30-50 points) vs. the U.S. dollar. USD/CAD has been down to 1.0265 and is mixed against its G7 counterparts as levels at or below the 100 day moving average vs. the USD are attractive to many. A grind lower will be the likely scenario as we await U.S. consumer confidence data to be released at 10 AM EST. U.S. dollar buyers should look to hedge medium term requirements on this push towards the bottom end of our recent range. Support lies at 1.0260, 1.0220 & 1.0180 while resistance is now at 1.0340, 1.0385 & 1.0440.

- We expect a range today in USD/CAD rate of 1.0200 to 1.0325.

:: Canadian Dollar vs Euro and Japanese Yen: Once again risk appetites are strong and the U.S. dollar is lower across the board as better than expected UBS & Deutsche Bank earnings have lent confidence to global markets. EUR/CAD has remained unchanged as the cross plays second fiddle to U.S. dollar weakness. CAD/JPY has risen on the back of stronger commodity prices, as the market looks to test the recent high near 86.40.

- We expect a range today in the EUR/CAD rate of 1.3325 to 1.3475 and in the CAD/JPY rate of 84.50 to 86.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.5960) is weaker despite UK CBI retail survey coming in quite a bit stronger than expected. This should bode well for GBP down the road. Both AUD/CAD (.9290) & NZD/CAD (.7570) are maintaining levels near recent highs as they outperform CAD due to relative USD/CAD levels & the expected rate hike by the RBNZ later in the week.

:: Data Releases:

CAD: No Data
USD: S&P/CS Composite-20 HPI y/y, CB Consumer Confidence, Richmond Manufacturing Index
AUD: CPI q/q
EUR: GfK German Consumer Climate, German Import Prices m/m, M3 Money Supply y/y, Private Loans y/y
GBP: CBI Realized Sales
JPY No Data
NZD: NBNZ Business Confidence

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Monday, 26 Jul 2010

Mon, 26 Jul 2010 13:07:33:070 GMT

:: US Dollar vs Canadian Dollar: USD/CAD is getting towards levels where we will need to grind lower to see further CAD appreciation as strength from cross currency plays will run into USD support levels near the 100 day moving average, currently sitting around 1.0300. Canadian numbers are scarce this week with our GDP release on Friday being the only one of importance slated this week. Today we expect the 1.0300 level to provide decent support while any pullback will be limited to 1.0380 then 1.0440.

- We expect a range today in USD/CAD rate of 1.0275 to 1.0425.

:: Canadian Dollar vs Euro and Japanese Yen: Friday’s European Bank Stress Test results seem to have placated most observers and a modest return to risk in the currency markets has been the result. The large majority of banks have passed what was believed by some to be a watered down test as it did not factor in sovereign risk. Several institutions have performed similar assessments which include sovereign risk and the results are comparable except for Greek institutions that are vulnerable to their own sovereign. All in all a hopeful sign for global recovery. CAD/YEN remains unchanged as Japan’s trade surplus rose to ¥687bn ($7.8bn) in June from $3.7bn in May, in line with the consensus forecast.

- We expect a range today in the EUR/CAD rate of 1.3325 to 1.3475 and in the CAD/JPY rate of 83.50 to 85.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: Despite a 0.1% fall in UK house prices in June reported by Hometrack, GBP is outperforming most currencies including CAD (1.6040). The market also chose to ignore Australia PPI inflation of 0.3% qoq which was well below the consensus forecast of 0.8% qoq and down from 1.0% qoq in Q1. AUD/CAD continues to trade near the top of its range, currently dealing at .9280. NZD/CAD is also near the top of its range at .7540 as the market anticipates a RBNZ rate hike later in the week.

:: Data Releases:

CAD: No Data
USD: New Home Sales
AUD: CB Leading Index m/m
EUR: No Data
GBP: Prelim GDP q/q, BBA Mortgage Approvals, Index of Services 3m/3m
JPY CSPI y/y
NZD: No Data
CNY: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex

Daily Forex Commentary - Friday, 23 Jul 2010

Fri, 23 Jul 2010 12:50:11:870 GMT

:: US Dollar vs Canadian Dollar: USD/ CAD is off the lows as CPI numbers released at 7 AM today showed inflation is weaker than expected and not a concern. CAD has underperformed recently against most crosses with the mindset of the market being future rate hikes may not come as quickly as anticipated as well as our reliance on the U.S. economy will be a drag on growth. Look for 1.0350 and 1.0300 to be support while 1.0440 and 1.0500 will be resistance.

- We expect a range today in USD/CAD rate of 1.0300 to 1.0450.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro came under pressure as rumors that several Spanish banks failed the ECB stress tests hit the market. This gossip was never confirmed and strong European data released today shifted sentiment which bolstered the Euro. We now await official stress test results which are to be released after European markets close today. This will likely have a significant impact across all markets this afternoon. CAD/YEN has remained unchanged from yesterday as both currencies remain relatively sidelined and out of the limelight with European issues being the focus of the markets.

- We expect a range today in the EUR/CAD rate of 1.3325 to 1.3475 and in the CAD/JPY rate of 83.50 to 85.00.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: GBP/CAD (1.6010) is garnering support from positive German IFO data released today and benign Canadian inflation data. AUD/CAD (.9280), & NZD/CAD (.7550) are on fire as the markets favor the antipodeans due to the positive effect China has on their economies & the negative effect the U.S. has on the Canadian economy.

:: Data Releases:

CAD: Core CPI m/m
USD: No Data
AUD: No Data
EUR: French Consumer Spending m/m, German Ifo Business Climate, Italian Retail Sales m/m, Belgium NBB Business Climate, Bank Stress Test Results
GBP: Prelim GDP q/q, BBA Mortgage Approvals, Index of Services 3m/3m
JPY No Data
NZD: No Data
CNY: No Data

Enjoy significant savings and excellent service by transferring funds with CanadianForex. Click here for foreign exchange with CanadianForex