Thursday, 29 July 2010 - Market Commentary
:: 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.
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