​VBCE Daily Foreign Exchange Update for Monday December 12, 2016

VBCE Daily Foreign Exchange Update for Monday, Dec. 12, 2016

USDCAD spot rate: 1.3138 - 1.3143 (as at 8:17am PST)

Technical Support / Resistance:

Key Economic Data Releases:

-No data release

Key Event Calendar:

Oil has jumped to the highest levels since July 2015 after Saudi Energy Minister Khalid Al-Falih said Saturday the biggest crude exporter will cut substantially to be below the target agreed on last month with members of OPEC. His comments followed a deal by 11 non-OPEC countries to join forces with the group and trim output by 558,000 barrels a day next year, the first pact between the rivals in 15 years. Futures rose as much as 5.8% in New York and 6.6% in London. The yield on benchmark 10-year U.S. Treasuries climbed above 2.5% for the first time since Oct 2014, as traders remain convinced that the Federal Reserve will hike interest rates at this week's meeting. Exxon Mobile Corp Chief Executive Officer Rex Tillerson has emerged as President-elect Trump's leading pick for the secretary of state role, with an announcement expected on the next few days. Tillerson, who has close ties to Russia, would be a controversial choice for the leading diplomatic role. Currently, the TSX is up 0.11% and the Dow is up 0.12%. EURCAD is up 0.12% trading between 1.3821 and 1.3945. GBPCAD is up 0.22% trading between 1.6496 and 1.6634. JPYCAD is down 0.54% trading between 0.01131 and 0.01142. Gold is up 0.17% trading between $1,151 and $1,162USD/oz., silver is up 1.72% trading between $16.68 and $17.19USD/oz., while oil is up 3.21% trading between $51.45 and $54.48.

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