​VBCE Daily Foreign Exchange Update for Tuesday, Nov.15, 2016


USDCAD spot rate: 1.3485 - 1.3490 (as at 7:21am PST)

Ranges:

Asia:

1.3511

to

1.3560

Europe:

1.3489

to

1.3543

North America:

1.3475

to

1.3548

Technical Support / Resistance:

S2

S1

R1

R2

1.3425

1.3475

1.3565

1.36100

Key Economic Data Releases:

- USD Retail Sales .8% (.6% exp.) 1.0% previous

Key Event Calendar:

Date

Canada

U.S.A.

Nov. 16

Nov .17

Nov. 18

Manufacturing shipments

Consumer price index

Building permits, housing starts, Initial jobless claims

The dollar pulled back from close to 14-year highs on Tuesday, euro zone government bond yields fell and the price of copper tumbled as traders cashed in gains from a rally fuelled by Donald Trump's victory in the U.S. presidential election. China's yuan, which like other Asian currencies has been under pressure since the election, fell to its weakest level against the dollar in almost eight years before recovering slightly. European shares rose modestly, led by oil and gas, as crude prices rebounded over 3% from Monday's three-month lows. Asian markets, which have fallen 5 per cent since Trump's victory, were broadly flat. Expectations Trump's administration will cut taxes, increase spending and accelerate inflation have lifted assets, including the dollar, bank stocks, and industrial metals, and driven bond yields higher. But concern the new administration could take a more protectionist stance on trade has hit Asian stocks and currencies. The dollar, which earlier traded close to its strongest since early 2003 against a basket of currencies, fell 0.6 per cent on Tuesday as long-dated U.S. Treasury yields fell. The 30-year Treasury yield, which on Monday shot above 3 per cent for the first time since January, fell 5 basis points to 2.93 per cent.

Currently, the TSX is up 0.30% and the Dow is down 0.22%. EURCAD is down .45% trading between 1.4480 and 1.4620. GBPCAD is down 1.20% trading between 1.6722 and 1.6953. JPYCAD is down .94% trading between 0.01239 and 0.01254. Gold is up 0.50% trading between $1,219 and $1,231USD/oz., silver is up 0.88% trading between $16.84 and $17.11USD/oz., while oil is up 3.38% trading between $43.58 and $45.29.

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group

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