​VBCE Daily Foreign Exchange Update for Tuesday, Dec. 08, 2016

USDCAD spot rate: 1.3215 - 1.3220 (as at 7:56am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canadian Housing Starts 184k (191.2k exp.) 192.3k previous

- Canadian Building Permits 8.7% (-.7% exp.) -7.0% previous

- U.S. Initial Jobless Claims 258k ( 258k exp.) 268K previous

Key Event Calendar:

Canada's main stock index rose in early trade on Thursday as heavyweight energy, financial and materials stocks gained as commodity prices rose and data showed a surge in building permits in October. The Dow inched up to hit a record high at the open on Thursday, helped by gains in financial and energy stocks. The European Central Bank unexpectedly reduced its asset purchase plans to 60 billion euros ($64-billion U.S.) from the current 80 billion euros, but reserved the right to increase buying once again. Oil rebounded from the week's lows to stabilize above $50 a barrel on Thursday as market watchers focused on a weekend meeting of OPEC and non-OPEC producers that may result in an agreement to cut crude output further. Oil producers meet in Vienna on Saturday to see whether those outside the Organization of the Petroleum Exporting Countries will cut production to help erase a global supply glut that has depressed prices for more than two years. OPEC has agreed to slash production by 1.2 million barrels per day (bpd) in the first half of 2017, a deal that bolstered crude futures despite doubts over whether the amount was enough and whether the cuts would be effectively implemented. Non-OPEC Russia has signaled it was ready to cut production by 300,000 bpd and on Thursday Azerbaijan said it would come to Vienna armed with proposals for its own reduction. Nevertheless, some analysts suggest the promised reduction in crude oil production may be insufficient to dent global oversupply and rebalance markets. Currently, the TSX is up 0.07% while the Dow is up 0.05%. EURCAD is down 0.15% trading between 1.4018 and 1.4355. GBPCAD is down 0.42% trading between 1.6608 and 1.6792. JPYCAD is down 0.39% trading between 0.01157 and 0.01167. Gold is down 0.23% trading between $1,169 and $1,178USD/oz., silver is down 0.55% trading between $16.97 and $17.22USD/oz., while oil is up 1.30% trading between $49.64 and $50.71.