VBCE Daily Foreign Exchange Update for Tuesday, Sept. 13, 2016
USDCAD spot rate: 1.3165 - 1.3170 (as at 8:08am PST)
| Ranges: | Asia: | 1.3030 | to | 1.3060 |
| Europe: | 1.3060 | to | 1.3109 | |
| North America: | 1.3081 | to | 1.3170 |
Technical Support / Resistance:
| S2 | S1 | R1 | R2 |
| 1.2969 | 1.3030 | 1.3175 | 1.3200 |
Key Economic Data Releases:
- No data releases
Key Event Calendar:
| Date | Canada | U.S.A. |
| Sept. 14 Sept. 15 Sept. 16 | Manufacturing sales | Import / export price index PPI, retail sales, industrial production, current acct Q2 Philly Fed / NY Empire state manufacturing indexes CPI, consumer sentiment index |
Stocks dipped and the US dollar gained on Tuesday after a Federal Reserve official's remark appearing to make a near-term rise in US interest rates less likely only partially calmed investor nerves. There is still some lingering disappointment that the European Central Bank did not signal an extension of its bond –buying stimulus program at its last meeting. The feeling in the market is that monetary policy was reaching its limits as a tool to lift the global economy. Currently the TSX is down 0.95% while the Dow is down 0.96%. EURCAD is up 0.97% trading between 1.4645 and 1.4800. GBPCAD is down 0.01% trading between 1.7337 and 1.7445. JPYCAD is up 0.80% trading between 0.01279 and 0.01289. Gold is down 0.18% trading between $1,322 and $1,332USD/oz., silver is down 0.55% trading between $18.95 and $19.28USD/oz., while oil is down 2.30% trading between $44.91 and $46.10.
Sources: Reuters, Bloomberg, Street, 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.
