VBCE Daily Foreign Exchange Update for Thursday, June 9, 2016

USDCAD spot rate: 1.2720 - 1.2725 (as at 8:00am PST)

Ranges:

Asia:

1.2671

to

1.2698

Europe:

1.2675

to

1.2767

North America:

1.2730

to

1.2760

Technical Support / Resistance:

S2

S1

R1

R2

1.2531

1.2671

1.2783

1.2915

Key Economic Data Releases:

- Canadian Cap. Utilization Q1 81.4% (81.3% exp.) 80.9% prev.

- Canadian New Housing Price Index .3% (.2% exp.) .2% prev.

- US Initial Jobless Claims 264K (270K exp.) 268K prev.

- US Wholsale Inventories .6% (.1% exp.) .2% prev.

Key Event Calendar:

Date

Canada

U.S.A.

June 10

Unemployment rate, Net change in employment

Michigan Consumer Sentiment Index

Stocks and Oil have given back some of this week gains as Global growth optimism fades and risk appetite is suppressed. Absent any surprises in today's economic data, the markets are instead focusing on upcoming risk events such as next week's US FMOC meeting and then the Brexit vote on June 23rd. Canadian markets await Bank of Canada Governor Poloz upcoming speech this morning .Currently the TSX is down 0.67% and the Dow is down by 0.28% . EUROCAD is down 0.47% trading between 1.4384 and 1.4483. GBPCAD is up 0.05% trading between 1.8351 and 1.8490. JPYCAD is up 0.55% trading between 0.01186 and 0.01198. Gold is up 0.35% trading between $1257 and 1269 USD/oz, Silver is up 1.12% trading between $16.25 and $16.48USD/oz, while oil is down 1.68% trading between $50.26 and 51.64USD/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.