​VBCE Daily Foreign Exchange Update for Wednesday, June 1, 2016

USDCAD spot rate: 1.3072 - 1.3077 (as at 8:24am PST)

Ranges:

Asia:

1.3053

to

1.3096

Europe:

1.3059

to

1.3102

North America:

1.3044

to

1.3123

Technical Support / Resistance:

S2

S1

R1

R2

1.2970

1.3034

1.3100

1.3188

Key Economic Data Releases:

- RBC manufacturing PMI 52.1 (previous 52.2)

- US ISM mfg. 51.3 (expected 50.4) previous 50.5

- US PMI 50.7 previous 50.5

Key Event Calendar:

Date

Canada

U.S.A.

June 2

June 3

Trade balance

Crude oil inventories, ADP employment

Non-farm payrolls, unemployment rate, avg. hourly earnings, trade balance, ISM non-mfg

The USD has edged ever so slightly higher from yesterdays close, touching both the highs and lows during North American Trading this morning. In Canada the RBC manufacturing PMI was slightly weaker than expected and in the US both ISM mfg. and PMI numbers came out on the positive side to give the US a boost. The Big driver early in the day was the JPY , which gained over 1% against the USD on the news that Japanese Prime Minister Shinzo Abe was delaying a scheduled sales tax increase by 2 ½ years, putting his plans for fiscal reform on the back burner due to growing signs of weakness in the domestic economy. Currently the TSX is down 0.49% and the Dow is also trading lower, down by 0.15% . EUROCAD is up 0.25% trading between 1.4515 and 1.4657. GBPCAD is down 0.69% trading between 1.8828 and 1.8970. JPYCAD is up 0.92% trading between 0.01179 and 0.01200. Gold is down 0.41% trading between $1209 and 1220 USD/oz, Silver is up 0.19% trading between $15.96 and $16.08USD/oz, while oil is up 0.2% trading between $47.79 and 49.08USD/barrel.USD

Sources: Reuters, Bloomberg, FXStreet, 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.