VBCE Daily Foreign Exchange Update for Wednesday, Nov. 30, 2016
USDCAD spot rate: 1.3450 - 1.3455 (as at 8:28am PST)
| Ranges: | Asia: | 1.3426 | to | 1.3451 |
| Europe: | 1.3357 | to | 1.3448 | |
| North America: | 1.3360 | to | 1.3460 |
Technical Support / Resistance:
| S2 | S1 | R1 | R2 |
| 1.3280 | 1.3326 | 1.3495 | 1.3550 |
Key Economic Data Releases:
- Canada GDP (Sept): 0.3% (exp. 0.1% / prev. 0.2%)
- U.S. ADP employment change: 216k (exp. 165k / pre. 119k)
Key Event Calendar:
| Date | Canada | U.S.A. |
| Dec. 1 Dec. 2 | RBC mfg PMI Employment change , unemployment rate | ISM mfg. PMI Non-farm payrolls, unemployment rate, avg. hourly earnings |
Oil rose the most in 9 months after OPEC ministers were said to have forged a deal to cut production, sending stocks of energy producers and currencies of commodity exporting nations higher. The Dow Jones Industrial Average hit an all-time high. Crude rebounded from a 2 week low after delegates at the meeting of oil producers in Vienna said they reached an agreement to cut supply by 1.2M barrels a day. Russia's ruble and Mexico's peso advanced as companies from Exxon Mobile Corp to Royal Dutch Shell Plc gained. Former Goldman Sach Group Inc partner and Hollywood producer Steven Mnuchin is said to be President-elect Donald Trump's choice to be the next US Treasury secretary. According to a person familiar with the matter, Trump is also continuing to meet candidates for the secretary of state role, with retired Marine Corps General John F. Kelly and Massachusetts Governor Mitt Romney still said to be in the running for the position. Currently, the TSX is up 0.61% and the Dow is up 0.37%. EURCAD is down 0.48% trading between 1.4190 and 1.4317. GBPCAD is down 0.33% trading between 1.6615 and 1.6788. JPYCAD is down 1.15% trading between 0.01178 and 0.01196. Gold is down 0.93% trading between $1,174 and $1,194USD/oz., silver is down 0.04% trading between $16.48 and $16.76USD/oz., while oil is up 6.72% trading between $45.20 and $49.09.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group
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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.
