​VBCE Daily Foreign Exchange Update for Tuesday, Nov. 29, 2016

USDCAD spot rate: 1.3455 - 1.3460 (as at 8:28am PST)

Ranges:

Asia:

1.3400

to

1.3438

Europe:

1.3420

to

1.3466

North America:

1.3440

to

1.3480

Technical Support / Resistance:

S2

S1

R1

R2

1.3350

1.3390

1.3485

1.3550

Key Economic Data Releases:

- CAD Current Acct. -18.3B previous -19.02B

- US GDP Q3 1.4% (1.5% exp.) 1.5% previous

- US Consumer confidence 107.1 (101.2 exp.) 100.8 previous

Key Event Calendar:

Date

Canada

U.S.A.

Nov. 30

Dec. 1

Dec. 2

GDP (Sept)

RBC mfg PMI

Employment change , unemployment rate

ADP employment change, OPEC meeting

ISM mfg. PMI

Non-farm payrolls, unemployment rate, avg. hourly earnings

Major stock markets were broadly weaker before a meeting of OPEC producers tomorrow that is increasingly looking like it will result in stalemate. Oil prices fell more than 1.5 per cent on jitters over whether OPEC would be able to hammer out a meaningful output cut during a meeting on Wednesday to rein in a global supply overhang and prop up prices. Commodities in general were weak and this in turn dragged down North American markets despite a raft of good economic news coming out this morning. Outside of the commodities sector, investors appeared inclined to take on more risk. The greenback was still on track for its strongest two-month gain since early 2015, underpinned by expectations the Federal Reserve is almost certain to hike interest rates next month. Currently, the TSX is down 0.31% and the Dow is down 0.09%. EURCAD is up 0.20% trading between 1.4214 and 1.4275. GBPCAD is up 0.10% trading between 1.6626 and 1.6837. JPYCAD is down 0.15% trading between 0.01187 and 0.01200. Gold is up 0.70% trading between $1,181 and $1,195USD/oz., silver is down 0.59% trading between $16.42 and $16.70USD/oz., while oil is down 3.95% trading between $45.08 and $46.95.

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

083e3d7a6b

Follow us




Follow us on Twitter @vbcefx


Disclaimer


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.