​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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