:: US Dollar vs Canadian Dollar: USD/CAD remains range bound with a myriad of technical studies providing support between 0.9880 and 0.9965 while a break above 1.0000 is needed to relieve immediate down side pressures.

- We expect a trading range of 0.9930 and 1.0000.

:: Canadian Dollar vs Euro: The Euro bounced off 1.3000 yesterday as the EUR/CAD begins to build a trading range between 1.30 and 1.32. This Thursday the ECB will release their rate decision which will increase market activity.

- We expect a range today in the EUR/CAD rate of 1.3020 and 1.3120.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The Sterling opens this morning at 1.5776 continuing from yesterday’s gain. Since Monday, GBP has strengthened around 100 bps. There is a major event risk this Thursday, as BoE will announce bank rates and the anticipated increase in the asset purchase program. The Australian Dollar is making another record high opening this trading session at 1.0760. This jump of around 100 bps is credited to RBA’s decision to surprise the market and hold rates at 4.25%. The decision was based on the reduction of inflationary pressure, improved US economic condition, China’s growth and the temporary relief of the Euro crisis. The New Zealand Dollar is changing hands at 0.8308 heading into the North American session. The Kiwi has been range bound since last week and tomorrow’s employment data will test a break out of these ranges.

:: Data Releases:

AUD:           No data expected today.

CAD:           Building Permits.

EUR:           German Industrial Production.

GBP:           No data expected today.

JPY:           Trade Balance.

NZD:           No data expected today.

USD:           Consumer Credit.