​VBCE Daily Foreign Exchange Update for Wednesday, June 22, 2016

USDCAD spot rate: 1.2815 - 1.2820 (as at 8:27am PST)

Ranges:

Asia:

1.2779

to

1.2812

Europe:

1.2758

to

1.2788

North America:

1.2758

to

1.2823

Technical Support / Resistance:

S2

S1

R1

R2

1.2692

1.2730

1.2856

1.2926

Key Economic Data Releases:

-Canada Retail Sales (MoM Apr) 1.3% (exp 0.9%) -0.8% prev

-US Housing Price Index (MoM Apr) 0.2% 0.8% prev

-US Existing Home Sales (MoM May) 2.53M (exp 5.54M) 5.43M prev

-EIA Crude Oil Stocks -0.917M (exp -1.671M) -0.933M prev

Key Event Calendar:

Date

Canada

U.S.A.

June 23

June 24

Manufacturing PMI, new home sales

Durable goods orders, consumer sentiment index

The USD/CAD continues to trade within a very tight range so far this week, with a low of 1.2742 and high of 1.2851. Tomorrow is the BREXIT vote and polls continue to show a very tight race between the leave and stay campaign, with a slight edge going to the stay. Investors have been piling their money into bets for a stay victory. The GBP has surged to a 5 month high. Currently, the TSX is up 0.14% while the Dow is up 0.44%. EURCAD is up 0.27% trading between 1.4383 and 1.4481. GBPCAD is up 0.13% trading between 1.8716 and 1.865. JPYCAD is down 0.13% trading between 0.01219 and 0.01226. Gold is down 0.21% trading between $1,261 and $1,270USD/oz., silver is up 0.15% trading between $17.12 and $17.31 USD/oz., while oil is down 0.96% trading between $49.59 and $50.51USD/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.