With Crude giving up its early weekly gains yesterday and falling over 8% from its recent high,coupled with the ECB announcement of the termination of its “relaxed” treatment of Greek debt as collateral for loans from the ECB,led to a flight quality bid,weakness across risk assets and generally stronger USD dollar.However,this morning saw the European Commission raising its assessment of Eurozone growth for 2015 to 1.3%. The initial knee jerk reaction to the ECB Greek collateral decision has subsided as Greek banks will sill have a life line to funding through the Emergency Liquidity Assistance program of the ECB.Together, these developments have given a bid to the Euro currency(1.1429,+.77%).Equity markets across Europe are trading better and crude is near its best levels for the day up 1.28% ( 49.10), while the USD is giving back some yesterday’s gains.This mornings, Bank of England meeting saw no change to monetary policy.Canadian Balance of trade ( -1200M prev -644M) is to be released this morning along with  the weekly Initial Jobless and continuing claims data in the US.

CAD/US Range 1.2586-1.2508 Currently 1.2535 RES 1.2641 1.2718 supp 1.2445 1.2317