​VBCE Daily Foreign Exchange Update for Wednesday, June 29, 2016

USDCAD spot rate: 1.2980 - 1.2985 (as at 8:20am PST)

Ranges:

Asia:

1.3016

to

1.3043

Europe:

1.2986

to

1.3025

North America:

1.2990

to

1.3003

Technical Support / Resistance:

S2

S1

R1

R2

1.2896

1.2941

1.3082

1.3178

Key Economic Data Releases:

-US PCE price index (MoM May) 0.2% (0.2% exp.) 0.2% prev

-US pending home sales (MoM May) -3.7% (-1.1%) 3.9% prev

-Crude oil Inventories -4.053M (-2.36M) -0.917M prev

Key Event Calendar:

Date

Canada

U.S.A.

June 30

July 1

GDP (April)

Canada Day

Chicago PMI

Relatively quiet NA session so far today, with the CAD up slightly against the USD. Crude oil and most metals have all showed gains. The post BREXIT issue doesn't appear to be over as a major market driver. Fed Governor Powell commented that "global risks had shifted further to the downside after the vote and there are liable to be additional, severe consequences for UK and European growth as a result of the decision". BOE Governor Carney is set to deliver a speech tomorrow at 4pm in London, presumably about the BREXIT vote. Currently, the TSX is up 1.22% while the Dow is up 0.94%. EURCAD is down 0.013% trading between 1.4368 and 1.4471. GBPCAD is up 0.9% trading between 1.7322 and 1.7594. JPYCAD is down 0.1% trading between 0.01264 and 0.01274. Gold is up 1.02% trading between $1,310 and $1,327USD/oz., silver is up 3.4% trading between $17.75 and $18.47 USD/oz., while oil is up 2.01% trading between $48.01 and $49.11USD/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.