​VBCE Daily Foreign Exchange Update for Monday, Nov. 28, 2016

USDCAD spot rate: 1.3402 - 1.3407 (as at 8:28am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- No data releases

Key Event Calendar:

The Donald Trump effect lost its sway over global financial markets as investors shifted to new threats including the future of Italy's government and fled to the safety of bonds and gold. U.S. stocks slipped from all-time highs as investors speculated that gains sparked by the expectations for brisker growth under new administration went too far too quickly. Italian banks led losses in Europe as Prime Minister Matteo Renzi faces a key referendum that may see voters reject his constitutional reform and prompt his resignation. After the UK's voted to leave the EU and Trump's unexpected U.S. election win, investors are on edge about the prospects of political and economic instability should PM Renzi lose the Dec 4 referendum. As many as 8 Italian banks are at risk of failing if he loses this weekend. OPEC deal hangs in the balance as it tries to rescue a deal to cut oil production, which was 1^st agreed to back in September. The Saudi oil minister has raised the possibility of leaving this week's OPEC meeting in Vienna without a deal, as internal divisions and Russian resistance to curbing production hamper negotiations. Hopes for a deal has seen oil companies add $490B to their combines market cap this year, following 2 years of losses totaling more than $1.5 trillion. Currently, the TSX is down 0.12% and the Dow is down 0.33%. EURCAD is down 0.71% trading between 1.4166 and 1.4393. GBPCAD is down 1.37% trading between 1.6624 and 1.6877. JPYCAD is down 0.02% trading between 0.01190 and 0.01208. Gold is up 0.51% trading between $1,183 and $1,197USD/oz., silver is up 0.76% trading between $16.48 and $16.85USD/oz., while oil is up 2.39% trading between $45.17 and $47.07.

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