​VBCE Daily Foreign Exchange Update for Wednesday, Jan. 4, 2017


USDCAD spot rate: 1.3290 - 1.3295 (as at 8:15am PST)

Ranges:

Asia:

1.3416

to

1.3457

Europe:

1.3297

to

1.3437

North America:

1.3287

to

1.3349

Technical Support / Resistance:

S2

S1

R1

R2

1.3200

1.3258

1.3460

1.3510

Key Economic Data Releases:

- Fed minutes 11am

Key Event Calendar:

Date

Canada

U.S.A.

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

U.S. stocks rose with commodities, as the dollar retreated from a 14 year high amid speculation that the global economy is poised for faster growth. The Dow Jones resumed its pursuit of 20,000 as American equities advance for a 2nd straight day to start the year. European shares fell after entering a bull market Tuesday, while emerging market stocks climbed. South Africa's rand and Brazil's real were among the biggest beneficiaries of returning appetite for risk as the dollar stalled. The Federal Reserve will release the minutes from its last policy meeting at 11am. Investors will be looking for signs of confidence in strong US growth among committee members, as they increased their projections to 3 rate hikes in 2017 at the December meeting. Former Reserve Bank of India Governor Raghuram Rajan said that the Fed tightening will reduce pressure on central banks across the world to maintain accommodative polices. Currently, the TSX is up 0.49% and the DOW is up 0.10% . The EUR is down 0.14% trading between 1.3878 and 1.4004. GBP is down 0.39% trading between 1.6331 and 1.6499. JPYCAD is down 0.29% trading between 0.01132 and 0.01141. Gold is up 0.51% trading between $1,156 and $1,167USD/oz., silver is up 1.03% trading between $16.26 and $16.48USD/oz., while oil is up 0.15% trading between $52.18 and $52.93.

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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.