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

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

Ranges:

Asia:

1.3461

to

1.3537

Europe:

1.3422

to

1.3500

North America:

1.3397

to

1.3430

Technical Support / Resistance:

S2

S1

R1

R2

1.3350

1.3390

1.3550

1.3600

Key Economic Data Releases:

- No data releases

Key Event Calendar:

Date

Canada

U.S.A.

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

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 1st 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

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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.