​VBCE Daily Foreign Exchange Update for Wednesday, Dec. 28, 2016

USDCAD spot rate: 1.3568 - 1.3573 (as at 8:11am PST)

Ranges:

Asia:

1.3560

to

1.3581

Europe:

1.3561

to

1.3584

North America:

1.3575

to

1.3598

Technical Support / Resistance:

S2

S1

R1

R2

1.3478

1.3528

1.3601

1.3650

Key Economic Data Releases:

- U.S. pending home sales: -2.5% (exp. 0.5% / prev. 0.1%)

Key Event Calendar:

Date

Canada

U.S.A.

Dec. 29

Dec. 30

Crude oil inventories

Chicago purchasing managers index

Trading has been thin across the globe during the last week of the year, with volumes in crude oil, equities and currencies all below average. Investors have displayed resilience in the face of shocks such as the Brexit vote and Donald Trump's presidential win, sending the dollar to the highest level in more than a decade and propelling US equity benchmarks to records. US stocks retreated from near records in light holiday trading, with the Dow Jones Industrial Average failing anew in its quest for 20,000. Oil hovered near $54 a barrel as it headed for an eighth day of gain, the longest streak since August. Currently, the TSX is up 0.48% and the Dow is down 0.15%. EURCAD is down 0.59% trading between 1.4097 and 1.4219. GBPCAD is down 0.31% trading between 1.6566 and 1.6689. JPYCAD is down 0.28% trading between 0.01152 and 0.01155. Gold is down 0.04% trading between $1,136 and $1,144USD/oz., silver is up 0.33% trading between $15.82 and $16.08USD/oz., while oil is up 0.40% trading between $53.59 and $54.26.

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

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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.