​VBCE Daily Foreign Exchange Update for Tuesday, June 28, 2016

USDCAD spot rate: 1.3065 - 1.3070 (as at 7:45am PST)

Ranges:

Asia:

1.2990

to

1.3091

Europe:

1.2967

to

1.3049

North America:

1.3014

to

1.3064

Technical Support / Resistance:

S2

S1

R1

R2

1.2896

1.2957

1.3125

1.3178

Key Economic Data Releases:

-US GDP .4% (.6% exp.) .6% prev.

-US Consumer Confidence 98 (93.3 exp.) 92.4 prev.

Key Event Calendar:

Date

Canada

U.S.A.

June 29

June 30

July 1

GDP (April)

Canada Day

PCE price index, pending home sales, oil inventories

Chicago PMI

Stocks, the pound and commodities all climbed for the first time since Britain's shock vote to leave the European Union amid speculation policy makers will take steps to limit any economic fallout. A gauge of the US dollar's strength snapped its steepest rally since 2011 as futures indicated that the next move in U.S. interest rates is now more likely to be a cut. This could undermine some of the future strength of the USD which is benefiting from safe haven status. Risk aversion has ebbed somewhat as markets further digest the Brexit vote consequences. Currently, the TSX is up 1.19% while the Dow is up 1.08%. EURCAD is up 0.30% trading between 1.4348 and 1.4467. GBPCAD is up 0.77% trading between 1.7246 and 1.7481. JPYCAD is down 0.84% trading between 0.01268 and 0.01286. Gold is down 0.6% trading between $1,306 and $1,326USD/oz., silver is up 0.06% trading between $17.54 and $17.84 USD/oz., while oil is up 1.33% trading between $46.56 and $47.78USD/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.