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

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

Technical Support / Resistance:

Key Economic Data Releases:

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

Key Event Calendar:

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