VBCE Daily Foreign Exchange Update for Wednesday, Jan. 11, 2017
USDCAD spot rate: 1.3262 - 1.3267 (as at 8:04am PST)
| Ranges: | Asia: | 1.3215 | to | 1.3255 |
| Europe: | 1.3215 | to | 1.3259 | |
| North America: | 1.3252 | to | 1.3295 |
Technical Support / Resistance:
| S2 | S1 | R1 | R2 |
| 1.3150 | 1.3200 | 1.3300 | 1.3350 |
Key Economic Data Releases:
- No data releases
Key Event Calendar:
| Date | Canada | U.S.A. |
| Jan. 12 Jan. 13 | New housing price index | Producer price index, retail sales |
President-elect Donald Trump is due to give his first press conference since July at 8am today, with the event likely to be overshadowed by news that he was briefed by intelligence officials about reports that Russia has compromising information about him. The Kremlin this morning denied those reports, with Dimitry Peskov, a spokesman for President Vladimir Putin, describing them as "pulp fiction". Trump took to Twitter to issue his own denial, describing the events as a "witch hunt". The President-elect's address may provide details on the timing and scope of planned policies from infrastructure spending to trade pacts that will set the tone on financial markets in 2017. The dollar and stocks have been stuck in a month long rut since the Federal Reserve's rate decision. Speculation Trump will pursue a pro-growth agenda unencumbered by backlash from any protectionist moves sparked the rallies that drive American equities to records and the dollar to a 14 year high. Currently, the TSX is up 0.14% and the DOW is up 0.49%. EURCAD is down 0.45% trading between 1.3880 and 1.3990. GBPCAD is down 0.66% trading between 1.5994 and 1.6145. JPYCAD is down 0.51% trading between 0.01136 and 0.01143. Gold is down 0.70% trading between $1,177 and $1,191USD/oz., silver is down 1.21% trading between $16.54 and $16.85USD/oz., while oil is up 1.74% trading between $50.75 and $51.87.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group
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Disclaimer
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.
