​VBCE Daily Foreign Exchange Update for Thursday, Nov. 24, 2016

USDCAD spot rate: 1.3495 - 1.3500 (as at 7:18am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. Thanksgiving

Key Event Calendar:

The U.S. dollar surged to a near 14-year high on Thursday, clocking up a string of milestones against other top world currencies and clobbering emerging markets. Stronger data from the world's biggest economy underpinned the greenback's gains, which were further amplified by thinner volumes as U.S. traders stayed away for the Thanksgiving holiday. The dollar pushed its way past more of last year's peaks against the euro to hit $1.0550 in early European action, with only the March 2015 high of $1.0457 standing in the way of a drive toward parity. The yen skidded to an eight-month low and China's yuan to an 8-1/2 year low, while the highly sensitive Turkish lira and Indian rupee hit new historic troughs. There doesn't seem to be anything stopping U.S. yields going higher in the near-term so it looks like people are going to stay on the dollar trend. In contrast to all the FX noise, European shares saw a broadly quiet start, with most of the main bourses edging marginally higher. The TSX is following suit as well so far this morning. Currently, the TSX is up 0.05% and the Dow is closed today. EURCAD is up 0.17% trading between 1.4220 and 1.4293. GBPCAD is up 0.42% trading between 1.6765 and 1.6850. JPYCAD is down 0.12% trading between 0.01192 and 0.01201. Gold is down 0.10% trading between $1,181 and $1,191USD/oz., silver is up 0.22% trading between $16.24 and $16.40USD/oz., while oil is up 0.30% trading between $47.83 and $48.23.

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