VBCE Daily Foreign Exchange Update for Friday, Nov. 25, 2016
USDCAD spot rate: 1.3505 - 1.3510 (as at 7:52am PST)
| Ranges: | Asia: | 1.3489 | to | 1.3515 |
| Europe: | 1.3454 | to | 1.3500 | |
| North America: | 1.3477 | to | 1.3515 |
Technical Support / Resistance:
| S2 | S1 | R1 | R2 |
| 1.3400 | 1.3454 | 1.3537 | 1.3588 |
Key Economic Data Releases:
- U.S. wholesale inventories: -0.4% (exp. 0.3% / prev. 0.2%)
- U.S. services PMI: 54.7 (exp. 54.8% / prev. 54.8)
Key Event Calendar:
| Date | Canada | U.S.A. |
| Nov. 28 Nov. 29 Nov. 30 Dec. 1 Dec. 2 | Current account GDP (Sept) RBC mfg PMI Employment change , unemployment rate | GDP Q3, consumer confidence ADP employment change, OPEC meeting ISM mfg. PMI Non-farm payrolls, unemployment rate, avg. hourly earnings |
Yesterday, USDCAD traded from 1.3475 up to 1.3537 before falling back to 1.3483. The pairing would then hold an uneventful 1.3480 – 1.3500 range during the U.S. Thanksgiving session. Overnight, broad-based USD weakness took the pairing down to 1.3454 before returning to the 1.35 level this morning. Oil prices are down more than 2% on news that Saudi Arabia will not attend a planned meeting between OPEC and Non-OPEC producers on Monday. The main highly anticipated meeting regarding production cuts is scheduled for Wednesday, November 30th. Despite the move lower in oil, USDCAD has been unable to break above the Asian session high of 1.3515 thus far. Currently, the TSX and the DJIA are up 0.11% and 0.28% respectively. EURCAD is up 0.70% trading between 1.4228 and 1.4341. GBPCAD is unchanged trading between 1.6742 and 1.6824. JPYCAD is up 0.50% trading between 0.01186 and 0.01197. Gold is down 0.38% trading between $1,179 and $1,193USD/oz., silver is up 0.70% trading between $16.18 and $16.59USD/oz., while oil is down 2.27% trading between $46.81 and $48.01.
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.
