​VBCE Daily Foreign Exchange Update for Tuesday, Nov.8, 2016

USDCAD spot rate: 1.3365 - 1.3370 (as at 7:20am PST)

Ranges:

Asia:

1.3361

to

1.3407

Europe:

1.3352

to

1.3378

North America:

1.3355

to

1.3384

Technical Support / Resistance:

S2

S1

R1

R2

1.3305

1.3350

1.3410

1.3450

Key Economic Data Releases:

- U.S. Presidential Election

- CAD Housing Starts 192.9k (195k exp.) 219.4k previous

- CAD Building Permits -7.0% (-5.6%) 10.4% previous

Key Event Calendar:

Date

Canada

U.S.A.

Nov. 9

Nov. 10

Nov. 11

New housing price index

Remembrance Day

EIA crude oil stocks change

Initial jobless claims

Veterans Day

Stocks edged down on Tuesday as world markets braced for the outcome of one of the most contentious U.S. presidential elections in history, with trade largely driven by cautious expectations of a win for Democrat Hillary Clinton. The sharp swings of recent days across all asset classes gave way to a more subdued tone, with investors reluctant to make too many big bets as Americans prepared to vote. The dollar and bond yields slipped, while gold inched up. Markets are certainly going into today in a much better mood now after that FBI news on Sunday night saw risk assets claw their way back following a near two-week selloff. World stocks had their best day in four months on Monday and Wall Street its best since March after the U.S. Federal Bureau of Investigation said it stood by findings that Clinton was not guilty of criminal wrongdoing in her use of a private e-mail server. Expect a quiet FX session until the first serious exit polls are released today. Currently, the TSX is down 0.13% and the Dow is down 0.24%. EURCAD is up 0.152% trading between 1.4747 and 1.4788. GBPCAD is down 0.12% trading between 1.6520 and 1.6625. JPYCAD is down 0.05% trading between 0.01275 and 0.01283. Gold is up 0.10% trading between $1,279 and $1,285USD/oz., silver is up 0.25% trading between $18.16 and $18.45USD/oz., while oil is down 0.85% trading between $44.44 and $45.23.

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.