​VBCE Daily Foreign Exchange Update for Wednesday, Nov.16, 2016

VBCE Daily Foreign Exchange Update for Wednesday, Nov.16, 2016

USDCAD spot rate: 1.3415 - 1.3420 (as at 8:16am PST)

Ranges:

Asia:

1.3426

to

1.3457

Europe:

1.3444

to

1.3499

North America:

1.3424

to

1.3460

Technical Support / Resistance:

S2

S1

R1

R2

1.3360

1.3415

1.3552

1.3610

Key Economic Data Releases:

- Canada manufacturing sales: 0.3% (exp. 0.1% / prev. 0.9%)

Key Event Calendar:

Date

Canada

U.S.A.

Nov .17

Nov. 18

Consumer price index

Building permits, housing starts, Initial jobless claims

Reaction to Donald Trump's ascendancy to U.S. president has defied expectations. While analysts spent early November warning a Trump administration would hurt economic outlook and slow the pace of rate increases, his election has instead made Fed action a near certainty. The odds of a hike by December has risen to about a 96% probability, the highest level this year, from 68% at the start of November, on speculation the Republican's policies will boost inflation. Oil has risen once again today. The rise comes on the back of an increased push from OPEC member to finalize an oil production cut deal in time for a meeting due in Vienna at the end of the month. The International Energy Agency said that US oil production will grow more than previously thought this decade as shale drillers adapt to low prices, while suppliers elsewhere will be hit harder by OPEC's fight for market share. Currently, the TSX is down 0.38% and the Dow is down 0.28%. EURCAD is down 0.47% trading between 1.4335 and 1.4449. GBPCAD is down 0.20% trading between 1.6705 and 1.6810. JPYCAD is down 0.34% trading between 0.01226 and 0.01234. Gold is down 0.27% trading between $1,221 and $1,233USD/oz., silver is down 1.01% trading between $16.87 and $17.23USD/oz., while oil is up 0.34% trading between $45.07 and $46.38.

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.