​VBCE Daily Foreign Exchange Update for Monday, Sept. 26, 2016

USDCAD spot rate: 1.3165 - 1.3170 (as at 8:20am PST)

Ranges:

Asia:

1.3152

to

1.3175

Europe:

1.3160

to

1.3195

North America:

1.3160

to

1.3175

Technical Support / Resistance:

S2

S1

R1

R2

1.3000

1.3072

1.3242

1.3290

Key Economic Data Releases:

- U.S. New Home Sales: 0.609M (0.600M exp.) prev. 0.659M

Key Event Calendar:

Date

Canada

U.S.A.

Sept. 27

Sept. 28

Sept. 29

Sept. 30

GDP (July)

Services PMI, consumer confidence

Durable goods orders, Crude oil inventories

GDP Q2, GDP price index, pending home sales

Personal income/spending, Chicago PMI, consumer sentiment

CAD is soft, down modestly from Friday's close with downside risk into the NA open. Hopes of a deal to limit crude production at talks in Algiers this week faded after Saudi Arabia said the meeting would be an opportunity to consult, rather than take a decision on output levels. With many producers still having conflicting priorities, the best chance of a deal now appears to be at the regular OPEC meeting in Vienna in November. Investors will turn their attention to the first of three presidential debates today ahead of the Nov.8 vote. Republican candidate Donald Trump has been locked in a fierce battle for months with rival Hillary Clinton. While he has sharply narrowed her lead both nationally and in several battleground states according to recent polls, handicappers still give the Democratic candidate the edge in winning the electoral votes needed to clinch the office. Currently, the TSX is down 0.33% and the Dow is down 0.60%. EURCAD is up 0.35% trading between 1.4748 and 1.4843. GBPCAD is up 0.03% trading between 1.7013 and 1.7108. JPYCAD is up 0.58% trading between 0.01301 and 0.01313. Gold is up 0.21% trading between $1,332 and $1,342USD/oz., silver is down 0.28% trading between $19.41 and $19.74USD/oz., while oil is up 3.25% trading between $44.47 and $46.12.

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

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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.