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

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

Technical Support / Resistance:

Key Economic Data Releases:

- Fed minutes 11am

Key Event Calendar:

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 2^nd 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.