:: US Dollar vs Canadian Dollar: The U.S. dollar is higher vs. most currencies as players ponder what to do now that most of their positive expectations on a Greek debt restructuring have been met.  USD/CAD is breaking above parity as I type where we will initially find U.S. dollar sellers that are happy to be on the positive side of this level.  I expect we will continue to grind higher as a sense of urgency or excitement are certainly lacking in recent trading sessions.   Higher oil prices due to Middle East tensions will continue to be supportive of CAD and keep a lid on any USD spikes to the upside.  Above 1.0050 will target 1.0085 and 1.0120 while below .9950 will see us drift towards .9910.  A move higher is the preferred scenario but patience will definitely come in handy while this move plays out.

Expected range today 0.9953 to 1.0045

:: Canadian Dollar vs Euro: European manufacturing data was weaker than expected across the board but the euro has traded within a tight range.  Many were disappointed yesterday when U.S. equities did not share in the love generated by the Greece agreement, remaining below 1300 on the DOW & 1370 on the S&P.   

Expected range today 1.3186 to 1.3281

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The Sterling is opening this morning session at the 1.5645 level underperforming against most of the crosses.   Despite the recent improved economic data and higher than expected inflation, BoE minutes showed recent asset purchases there were less than some governors desired sparking speculation QE may be winding down in the UK. This has contributed to the GBP loosing around 100bps overnight. The Australian Dollar is opening this trading session around 1.0616.  The momentum seems to be trending downwards, as it has made another low of around 1.0598 overnight.  The AUD will be made trading on market sentiments, as no event risk is expected for the remaining of the week. The New Zealand Dollar is changing hands around 0.8286 heading into this North American trading session. The Kiwi loss around 48 bps overnight, however, it still cannot break through resistance levels of 0.8266.  The NZD should be trading within its ranges this week.  

:: Data Releases:
AUD:          No data expected today
CAD:          No data expected today
EUR:          French CPI, French Flash Manufacturing PMI, French Flash Service, German Flash Manufacturing PMI, German Flash Service PMI, Flash Manufacturing PMI, Flash Service PMI, Industrial New Orders, Belgium NBB Business Climate          
GBP:          MPC Meeting Minutes
JPY:           No data expected today
NZD:          No data expected today
USD:          Existing Home Sales