VBCE Daily Foreign Exchange Update for Monday, October 4, 2016
USDCAD spot rate: 1.3165 - 1.3170 (as at 8:36am PST)
| Ranges: | Asia: | 1.3111 | to | 1.3135 |
| Europe: | 1.3128 | to | 1.3174 | |
| North America: | 1.3132 | to | 1.3172 |
Technical Support / Resistance:
| S2 | S1 | R1 | R2 |
| 1.3039 | 1.3110 | 1.3175 | 1.3270 |
Key Economic Data Releases:
- No economic releases
Key Event Calendar:
| Date | Canada | U.S.A. |
| Oct. 5 Oct. 6 Oct. 7 | Trade balance Building permits Employment change, unemployment rate Ivey PMI, Bank of Canada business outlook survey | ADP employment change, trade balance, Non-mfg. PMI, crude oil inventories Non-farm payrolls, unemployment rate, avg hourly earnings |
Britain's pound slumped to a three-decade low on Tuesday as its Brexit worries were compounded by a revitalized US dollar, boosted by resurgent U.S. Interest rate hike expectations. Sterling dropped to its weakest since 1985, hit by a growing sense that the UK may be heading for a "hard" Brexit where it severs links to the EU's single market in favour of total control over immigration. Meanwhile futures markets are now pricing in more than a 60% chance the US Fed inches up U.S. interest rates before the end of the year. Currently, the TSX is down 0.22% and the Dow up 0.21%. EURCAD is down 0.18% trading between 1.4664 and 1.4719. GBPCAD is down 0.36% trading between 1.6763 and 1.6880. JPYCAD is down 0.64% trading between 0.01281 and 0.01290. Gold is down 2.08% trading between $1,281 and $1,313USD/oz., silver is down 2.68% trading between $18.27 and $18.90USD/oz., while oil is down 0.14% trading between $48.29 and $49.10.
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.
