VBCE Daily Foreign Exchange Update for Monday, June 27, 2016
USDCAD spot rate: 1.3080 - 1.3085 (as at 8:58am PST)
| Ranges: | Asia: | 1.3027 | to | 1.3085 |
| Europe: | 1.3003 | to | 1.3055 | |
| North America: | 1.3027 | to | 1.3109 |
Technical Support / Resistance:
| S2 | S1 | R1 | R2 |
| 1.2713 | 1.2896 | 1.3178 | 1.3267 |
Key Economic Data Releases:
-US Goods trade balance (May) -60.59B% (exp -59.1B) -57.53B previous
-US Services PMI (Jun) 51.3 (exp 52) 51.3 previous
Key Event Calendar:
| Date | Canada | U.S.A. |
| June 28 June 29 June 30 July 1 | GDP (April) Canada Day | GDP Q1, consumer confidence PCE price index, pending home sales, oil inventories Chicago PMI |
We are starting the trading day much the same way as it ended last week following the UK's post BREXIT results. The markets continue to react and we have already seen steep losses for US stocks. The USD is currently trading at a 3 week high. UK's Cameron spoke in Parliament this morning stating that it's clear that the vote to exit must be accepted and that BREXIT will mean uncertainty and an adjustment for their economy. Currently, the TSX is down 1.61% while the Dow is down 1.69%. EURCAD is down 0.40% trading between 1.4296 and 1.4432. GBPCAD is down 3% trading between 1.7145 and 1.7611. JPYCAD is up 0.12% trading between 0.01272 and 0.01289. Gold is up 0.6% trading between $1,315 and $1,335USD/oz., silver is down 0.19% trading between $17.64 and $17.90 USD/oz., while oil is down 2.5% trading between $46.35 and $47.93USD/barrel
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive
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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.
