​VBCE Daily Foreign Exchange Update for Wednesday, Nov. 23, 2016

USDCAD spot rate: 1.3486 - 1.3491 (as at 8:18am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. new home sale: -0.563M (exp. 0.593M / prev. 0.574M)

- U.S. durable goods orders: 4.8% (exp. 1.5% / prev. .04%)

- U.S. manufacturing PMI: 59.3 (exp. 53.4 / prev. 53.4)

- U.S. consumer sentiment: 93.8 (exp. 91.6 / prev.91.6)

- U.S. crude oil inventories: -1.255M (exp. 0.671M / prev. 5.27M

Key Event Calendar:

On the last day of trading before the US Thanksgiving holiday, investors will be looking at the economic data as well as minutes from the Federal Reserve's last meeting for clues on the outlook for monetary policy. While traders predict a rate increase in December is certain, bets for another hike by June are rising. Developed-market shares and the dollar have been among the biggest winners since Trump's surprise election victory fueled speculation of more fiscal stimulus in the U.S., while government bonds and emerging markets have slumped. Yesterday's record high close in the U.S. stocks fed through to Asia overnight, where the MSCI Asia Pacific Excluding Japan Index rose 0.7%, with the commodity producers leading the gains. A barrel of oil is trading around $48 this morning with optimism over an OPEC deal to curb production is fading as the question of Iran and Iraq's participation in the plan remained unresolved. For Saudi Arabia, the world's largest crude producer, the resistance of Iran and Iraq to deal shows its waning power in the group it once dominated. Currently, the TSX is down 0.16% and the Dow is up 0.10%. EURCAD is down 0.54% trading between 1.4187 and 1.4305. GBPCAD is up 0.14% trading between 1.6625 and 1.6741. JPYCAD is down 1.2% trading between 0.01195 and 0.01211. Gold is down 2.44% trading between $1,181 and $1,214USD/oz., silver is down 2.32% trading between $16.18 and $16.73USD/oz., while oil is up 0.49% trading between $47.43 and $48.40.

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