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

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

Ranges:

Asia:

1.3424

to

1.3451

Europe:

1.3437

to

1.3498

North America:

1.3485

to

1.3516

Technical Support / Resistance:

S2

S1

R1

R2

1.3315

1.3394

1.3550

1.3595

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:

Date

Canada

U.S.A.

Nov. 24

Nov. 25

Thanksgiving Day

Services PMI

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

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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.