VBCE Daily Foreign Exchange Update for Thursday, June 2, 2016

USDCAD spot rate: 1.3119 - 1.3124 (as at 7:51am PST)

Ranges:

Asia:

1.3063

to

1.3085

Europe:

1.3057

to

1.3116

North America:

1.3109

to

1.3144

Technical Support / Resistance:

S2

S1

R1

R2

1.2970

1.3034

1.3100

1.3188

Key Economic Data Releases:

- US ADP Employment 173k (exp 175K) previous 175K

Key Event Calendar:

Date

Canada

U.S.A.

June 3

Trade balance

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

US employment number from ADP came out pretty much as expected. Meanwhile Opec countries failed to agree upon production cuts and as a result oil dropped 1.8% to the low of the day. In Europe the ECB nudged up its expectations for growth and inflation in the Eurozone this year, but kept its main interest rate unchanged in negative territory and said it would press on with its unprecedented stimulus effort. The main event risk still outstanding for today is the US oil inventories report that will come out shortly. Currently the TSX is up 0.14% and the Dow is trading lower, down by 0.17% . EUROCAD is up 0.09% trading between 1.4618 and 1.4707. GBPCAD is up 0.56% trading between 1.8840 and 1.8994. JPYCAD is up 1.04% trading between 0.01194 and 0.01209. Gold is down 0.03% trading between $1211 and 1218 USD/oz, Silver is up 0.25% trading between $15.92 and $16.05USD/oz, while oil is down 1.54% trading between $48.00 and 49.45USD/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.