VBCE Daily Foreign Exchange Update for Tuesday, Sept. 29, 2016

USDCAD spot rate: 1.3085 - 1.3090 (as at 8:45am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. GDP 1.4% (1.3%exp.) 1.1% previous

- U.S. Pending home sales -2.4% (0.0% exp.) 1.2% previous

- US Initial Jobless Claims 254K (260K exp.) 251K previous

Key Event Calendar:

An agreement by OPEC members to curb output boosted oil company shares on Thursday, lifted the currencies of crude-producing countries, and drove yields on low-risk government debt higher. Global stocks were pulled higher by the oil company rally. Oil prices, however, edged off their highs as some investors took profits on Wednesday's more than 5 per cent surge, which was prompted by OPEC's first deal to limit output since 2008. Skepticism over how it would be implemented also crept in. But the surprise agreement boosted investors' appetite for riskier assets and saw the safe-haven yen fall 1 per cent against the dollar at one point. Currently, the TSX is up 0.18% and the Dow is down 0.04%. EURCAD is down 0.06% trading between 1.4636 and 1.4715. GBPCAD is down 0.28% trading between 1.6986 and 1.7065. JPYCAD is down 0.89% trading between 0.01286 and 0.01299. Gold is down 0.01% trading between $1,316 and $1,325USD/oz., silver is down 0.10% trading between $19.00 and $19.38USD/oz., while oil is down 0.06% trading between $46.63 and $47.44.

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