​VBCE Daily Foreign Exchange Update for Wednesday, June 08, 2016

USDCAD spot rate: 1.2690 - 1.2695 (as at 9:00am PST)

Ranges:

Asia:

1.2728

to

1.2760

Europe:

1.2662

to

1.2741

North America:

1.2662

to

1.2706

Technical Support / Resistance:

S2

S1

R1

R2

1.2531

1.2615

1.2788

1.2915

Key Economic Data Releases:

- Canadian Housing Start 188.6K (190k exp) 191.4k last

- Canadian Building Permits -0.3% (1.5% exp) -7.0% last

- EIA Crude Oil Stocks -3.226M (-2.74M exp) -1.366M last

Key Event Calendar:

Date

Canada

U.S.A.

June 9

June 10

Cap. Utilization Q1, New Housing Price Index

Unemployment rate, Net change in employment

Initial Jobless Claims, Wholesale Inventories

Michigan Consumer Sentiment Index

The USD/CAD is down for the fourth consecutive day hitting a 5 week low with rise in oil being the main driving factor behind the swing. Oil prices have almost doubled in value since hitting decade lows earlier this year with Canada's economy and the loonie benefiting being a major oil exporter. Currently, the TSX is down 0.09% while the DJIA is up 0.04%. EURCAD is down 0.07% trading between 1.4407 and 1.4494. GBPCAD is down 0.32% trading between 1.8436 and 1.8557. JPYCAD is up 0.1848% trading between 0.01183 and 0.01193 Gold is up 1.49% trading between $1,243 and $1,264USD/oz., silver is up 3.5% trading between $16.37 and $17.09 USD/oz., while oil is up 1.21% trading between $50.35 and $51.32USD/barrel

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

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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.