​VBCE Daily Foreign Exchange Update for Wednesday, June 15, 2016

USDCAD spot rate: 1.29 - 1.2905 (as at 8:45am PST)

Ranges:

Asia:

1.2856

to

1.2872

Europe:

1.2837

to

1.2874

North America:

1.2874

to

1.2902

Technical Support / Resistance:

S2

S1

R1

R2

1.2764

1.2813

1.2907

1.2935

Key Economic Data Releases:

-US Producer price index (MoM May) -0.1% (exp 0.0%) 0.0% prev

-US Industrial production (MoM May) -0.4% (exp -0.2%) 0.6% prev

-EIA Crude oil stocks -0.933M (exp -2.260M) -3.226M prev

Key Event Calendar:

Date

Canada

U.S.A.

June 16

June 17

CPI, Philly Fed manufacturing index

Housing starts

The USD is currently at a 9 day high trading just above 1.29. Investors are awaiting the FOMC meeting this afternoon. FED policy decision, statement, and economic projections will be released at 2pm ET, followed by Chair Yellen's press conference at 2:30pm ET. The overall consensus is that the FED will leave policy unchanged with the forecast for the remainder of the year indicating that they may tighten rates twice. Once we get through today's FED decision the markets are expected to turn their attention back to the BREXIT risks. Currently, the TSX is up 0.5% while the Dow is up 0.34%. EURCAD is up 0.57% trading between 1.4396 and 1.4510. GBPCAD is up 0.96% trading between 1.8145 and 1.8326. JPYCAD is up 0.45% trading between 0.01207 and 0.01219. Gold is down 0.21% trading between $1,278 and $1,287USD/oz., silver is up 0.45% trading between $17.35 and $17.50 USD/oz., while oil is up 1.58% trading between $47.58 and $48.68USD/barrel

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive

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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.