​VBCE Daily Foreign Exchange Update for Tuesday, Jan. 3rd, 2017

USDCAD spot rate: 1.3435 - 1.3440 (as at 7:30am PST)

Ranges:

Asia:

1.3404

to

1.3453

Europe:

1.3410

to

1.3460

North America:

1.3415

to

1.3458

Technical Support / Resistance:

S2

S1

R1

R2

1.3350

1.3420

1.3460

1.3510

Key Economic Data Releases:

- CAD Mfg PMI 51.8 51.50 previous

- USD mfg PMI 54.7 (53.5 exp.) 53.2 previous

Key Event Calendar:

Date

Canada

U.S.A.

Jan. 4

Jan. 5

Jan. 6

Net employment change, unemployment rate, trade balance

ADP employment change

ISM non-manufacturing PMI

Non-farm payrolls, unemployment rate,

Avg hourly earnings, trade balance

Upbeat data from China helped lift global markets as 2017 trading started in earnest on Tuesday, with the dollar notching its biggest gain in three weeks, oil on a tear and European stocks setting a one-year high.

Base metal prices and bond yields also advanced, as the better-than-expected factory growth in China dovetailed with higher inflation data in Europe to give investors a solid start to the new year. Commodity-linked stocks jumped 1.3 per cent as oil and metals prices cheered the China data that had showed output from the country's giant manufacturing sector reaching a near six-year high. It bolstered the 'reflation' theme that dominated the latter stages of 2016 and helped get currency and bond markets back in their pre-break rhythm after a mixed recent run. The U.S. dollar racked up its biggest rise in almost three weeks against a basket of the world's other major currencies to leave it just 1 per cent off December's 14-year high. Currently, the TSX is up 1.06% and the DOW is up 0.81% . The EUR is down 1.00% trading between 1.3906 and 1.4079. GBP is down 0.52% trading between 1.6411 and 1.6538. JPYCAD is down 0.32% trading between 0.01134 and 0.01146. Gold is down 0.22% trading between $1,146 and $1,158USD/oz., silver is up 0.15% trading between $15.89 and $16.14USD/oz., while oil is up 2.01% trading between $53.85 and $55.21.

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