​VBCE Daily Foreign Exchange Update for Tuesday September 6 , 2016

USDCAD spot rate: 1.2840 - 1.2845 (as at 7:35am PST)

Ranges:

Asia:

1.2912

to

1.2937

Europe:

1.2900

to

1.2940

North America:

1.2851

to

1.2939

Technical Support / Resistance:

S2

S1

R1

R2

1.2760

1.2835

1.2940

1.3048

Key Economic Data Releases:

-US ISM non-mfg PMI 51.4 (55.0 exp.) 55.5 previous

-US economic optimism 46.7 (55.0 exp.) 55.5 previous

Key Event Calendar:

Date

Canada

U.S.A.

Sept. 7

Sept. 8

Sept. 9

Ivey PMI, B of Canada Int rate

Building Permits, New House price index

Housing starts, net employment change, Unemployment rate

Crude Oil Inventories

World shares closed in on one-year highs on Tuesday as the prospect of prolonged cheap borrowing costs and a recent rise in oil prices set off a new emerging market bull run. The latest advance came as the prospect of a U.S. interest rate rise was pushed back by weak jobs data on Friday. This morning we saw shockingly bad US PMI numbers( the worst in almostb 6 years) hammer the US dollar, and despite a large drop in oil prices the Canadian dollar is much stronger basking in the overall USD weakness. Asian stocks reached one-year highs overnight and MSCI's 46-country 'All World' index was close as most of Europe's markets climbed 0.1 to 0.3 per cent higher. The TSX is up 0.01% while the Dow is down 0.04%. EURCAD is up 0.19% trading between 1.4381 and 1.4438. GBPCAD is up 0.27% trading between 1.7185 and 1.7301. JPYCAD is up 0.52% trading between 0.01246 and 0.01255. Gold is up 0.95% trading between $1,325 and $1,340 USD/oz., silver is up 1.02% trading between $19.48 and $19.73 USD/oz., while oil is down 2.45% trading between $43.88 and $45.59 USD/barrel

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive

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The information and opinions contained herein are gathered from sources which are thought to be reliable but the reader should not assume that the information and opinions are official or final. VBCE makes no warranty concerning the accuracy of the information and opinions, and accepts no liability for the consequences of any actions taken on the basis of the information and opinions provided. The content is for general information only and does not constitute in anyway giving financial advice.