​VBCE Daily Foreign Exchange Update for Monday, Oct. 17, 2016

USDCAD spot rate: 1.3140 - 1.3145 (as at 8:30am PST)

Ranges:

Asia:

1.3145

to

1.3170

Europe:

1.3136

to

1.3180

North America:

1.3118

to

1.3155

Technical Support / Resistance:

S2

S1

R1

R2

1.3040

1.3086

1.3203

1.3300

Key Economic Data Releases:

- U.S. NY Empire state mfg: -6.80 (exp. 1.00 / prev. -1.99)

- U.S. Industrial: 0.1% (exp. 0.1% / prev. -0.5%)

Key Event Calendar:

Date

Canada

U.S.A.

Oct. 18

Oct. 19

Oct. 20

Oct. 21

Manufacturing sales

Bank of Canada interest rate

CPI, retail sales

CPI

Housing starts, building permits

Philly Fed mfg., existing home sales

USD/CAD dropped 0.2% after reaching the highest level in almost 7 months on Oct.13. Government bond yields climbed around the world after Friday's comments by Federal Reserve Chair Janet Yellen fueled bets that US policymakers may be prepared to tolerate faster inflation in the interest of a more emphatic economic recovery. Those frustrated by the diversity of readings of Yellen's speech will get yet more material to sink their teeth into this afternoon when Fed Vice Chair Stanley Fischer speaks at 12:15pm E.T in New York. Oil fell 1.4% below $50 a barrel as OPEC members added supply and US producers increased drilling, threatening to compound a global surplus. Currently, the TSX is up 0.24% and the Dow is down 0.15%. EURCAD is up 0.41% trading between 1.4386 and 1.4480. GBPCAD is down 0.15% trading between 1.5928 and 1.6060. JPYCAD is up 0.25% trading between 0.01257 and 0.01266. Gold is up 0.44% trading between $1,250 and $1,257USD/oz., silver is up 0.06% trading between $17.35 and $17.49USD/oz., while oil is down 1.43% trading between $49.50 and $50.55.

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.