​VBCE Daily Foreign Exchange Update for Thursday, Dec. 29, 2016

USDCAD spot rate: 1.3500 - 1.3505 (as at 8:13am PST)

Ranges:

Asia:

1.3521

to

1.3561

Europe:

1.3503

to

1.3560

North America:

1.3481

to

1.3560

Technical Support / Resistance:

S2

S1

R1

R2

1.3400

1.3450

1.3588

1.3650

Key Economic Data Releases:

- U.S. crude oil inventories: -0.614M (exp. -2.06M / prev. -2.256M)

Key Event Calendar:

Date

Canada

U.S.A.

Dec. 30

Chicago purchasing managers index

The dollar dropped the most in 2 weeks while oil retreated from its highest close in 17 months as investors prepared to close out a volatile year for financial markets. US stocks fluctuated after the biggest slide in 2 months. The Bloomberg Dollar Spot Index fell for the first time in 4 days after reaching the highest level in a decade. The S&P 500 Index was little changed in trading 48% below the 30 day average at this time of day. The strengthening yen sent Japan's Topix to its biggest drop in more than a month, while European shares extended losses for 2016. Crude in New York slipped for the first time in 9 days, halting the longest rally since 2010. Gold extended gains with copper. Currently, the TSX is up 0.36% and the Dow is up 0.02%. EURCAD is up 0.21% trading between 1.4107 and 1.4178. GBPCAD is down 0.34% trading between 1.6516 and 1.6601. JPYCAD is up 0.28% trading between 0.01156 and 0.01162. Gold is up 0.68% trading between $1,141 and $1,150USD/oz., silver is up 0.42% trading between $15.99 and $16.21USD/oz., while oil is up 0.77% trading between $53.49 and $54.14.

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.