VBCE Daily Foreign Exchange Update for Tuesday, Dec. 13, 2016

USDCAD spot rate: 1.3115 - 1.3120 (as at 8:17am PST)

Ranges:

Asia:

1.3116

to

1.3142

Europe:

1.3111

to

1.3140

North America:

1.3104

to

1.3123

Technical Support / Resistance:

S2

S1

R1

R2

1.3040

1.3100

1.3145

1.3230

Key Economic Data Releases:

-NO KEY DATA

Key Event Calendar:

Date

Canada

U.S.A.

Dec. 14

Dec. 15

Dec. 16

Manufacturing sales

Net foreign securities trans.

Retail sales, producer price index, industrial production, Fed interest rate decision

CPI, current acct., Philly Fed manufacturing

Building permits, housing starts

Global shares edged up on Tuesday, helped by gains in banks after Italy's largest lender unveiled a 13 billion euro share issue, while the dollar held steady before a Federal Reserve meeting expected to deliver higher interest rates. UniCredit launched Italy's biggest share issue to clean up its balance sheet and boost profitability in the latest move to strengthen the Italian banking sector, which has been a major concern clouding the outlook for European stocks. Markets were otherwise focused on the two-day Fed meeting, which is almost certain to conclude with only the second rise in U.S. interest rates since the global financial crisis. While a hike of 25 basis points in the Fed's target range of 0.25-0.50 per cent is priced in, investors will be examining the Fed's statement and economic forecasts for any signs of how the central bank thinks Trump's election has affected the outlook for growth and inflation. Global shares, as measured by MSCI's all-country world index , rose 0.1 per cent but held below Monday's 16-month high, as crude oil prices surged after the Organization of the Petroleum Exporting Countries and non-OPEC producers reached their first deal since 2001 to reduce output. Brent crude, the international benchmark, rose 0.1 per cent on Tuesday to $55.74 a barrel but traded well below Monday's high of $57.89. The TSX is up 0.48% and the Dow is up 0.48%. EURCAD is down 0.10% trading between 1.3914 and 1.3986. GBPCAD is up 0.15% trading between 1.6627 and 1.6699. JPYCAD is down 0.05% trading between 0.01137 and 0.01143. Gold is down 0.55% trading between $1,155 and $1,165USD/oz., silver is down 0.75% trading between $16.78 and $17.16USD/oz., while oil is up 0.50% trading between $52.40 and $53.38.

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