Morning Market Commentary

USD/CAD                                             1.0257                                     1.0309

CAD/USD                                             .9749                                       .9700

EUR/USD                                              1.3617                                     1.3555

EUR/CAD                                             1.3967                                     1.3970

STG/CAD                                              1.5325                                     1.5408

AUD/CAD                                            .9400                                       .9337

CAD/JPY                                               88.10                                       87.06

CAD/CHF                                             1.0466                                     1.0466

CAD/HKD                                            7.5625                                     7.5259

CAD/CNY                                             6.6532                                     6.6207

Commodities:

Gold                                                        1127.40                                   1117.40

Oil                                                           81.88                                       80.43

Option volatility:

Cad vols  

  O/N                                                      13.89%                                    13.79%

  1 WK                                                     11.24%                                    11.16%

  1 MTH                                                  11.10%                                    11.10%

The information, opinions, estimates, projections and other materials contained herein are provided as of the date hereof and are subject to change without notice. Some of the information, opinions, estimates, projections and other materials contained herein have been obtained from numerous sources, and, notwithstanding GFX Partners Inc. (GFX) makes every effort to ensure that the contents thereof have been compiled or derived from sources believed to be reliable and to contain information and opinions which are accurate and complete, GFX has not independently verified and makes no representation or warranty, express or implied, in respect thereof and takes no responsibility for any errors and omissions which may be contained therein.  GFX shall not be liable for any loss arising from any use of or reliance on the information, opinions, estimates, projections and other materials contained herein whether relied upon by the recipient or user or any other third party (including, without limitation, any customer of the recipient or user).  The information, opinions, estimates, projections and other materials contained herein shall not be considered as investment advice or as a recommendation to enter into any transaction. GFX, its affiliates, and/or their respective shareholders, directors, officers and/or employees may from time to time have long or short positions in any such products (including, without limitation, commodities, securities or other financial instruments).

Information may be available to GFX which is not reflected herein and such additional information, if any, is available by contacting GFX directly.

The information, opinions, estimates, projections and other materials contained herein are provided as of the date hereof and are subject to change without notice. Some of the information, opinions, estimates, projections and other materials contained herein have been obtained from numerous sources, and, notwithstanding GFX Partners Inc. (GFX) makes every effort to ensure that the contents thereof have been compiled or derived from sources believed to be reliable and to contain information and opinions which are accurate and complete, GFX has not independently verified and makes no representation or warranty, express or implied, in respect thereof and takes no responsibility for any errors and omissions which may be contained therein.  GFX shall not be liable for any loss arising from any use of or reliance on the information, opinions, estimates, projections and other materials contained herein whether relied upon by the recipient or user or any other third party (including, without limitation, any customer of the recipient or user).  The information, opinions, estimates, projections and other materials contained herein shall not be considered as investment advice or as a recommendation to enter into any transaction. GFX, its affiliates, and/or their respective shareholders, directors, officers and/or employees may from time to time have long or short positions in any such products (including, without limitation, commodities, securities or other financial instruments).

Information may be available to GFX which is not reflected herein and such additional information, if any, is available by contacting GFX directly.