VBCE Daily FX Report July 12th 2016

USDCAD spot rate: 1.3045 - 1.3050 (as at 7:26am PST)

Ranges:

Asia:

1.3036

to

1.3063

Europe:

1.3047

to

1.3096

North America:

1.3058

to

1.3115

Technical Support / Resistance:

S2

S1

R1

R2

1.2918

1.2997

1.3115

1.3200

Key Economic Data Releases:

- US Wholesale Inventories 0.1% (0.2% exp.) 0.7% previous

Key Event Calendar:

Date Canada USA

July 13

Bank of Canada interest rate announcement
July 14New housing price indexPPI, initial jobless claims

July 15

Manufacturing shipments

CPI, Cap. Utilization, Business Inv.,Michigan Consumer sentiment


European shares were on track for a fourth straight day of gains and the Dow is at a record high with the safe-haven yen breaking below its post-Brexit low on Tuesday as easing political tensions in Britain and stimulus hopes boosted risk appetite. Interior Minister Theresa May was set to become Prime Minister of Britain on Wednesday, offering some relief from the political uncertainty that has dogged the market since the country voted to leave the European Union last month.

The TSX is up 0.61% while the Dow is up 0.43%. EURCAD is down 0.30% trading between 1.4430 and 1.4529. GBPCAD is up 0.70% trading between 1.7027 and 1.7205. JPYCAD is down 2.18% trading between 0.01245 and 0.01280. Gold is down 0.89% trading between $1,340 and $1,357USD/oz., silver is up 0.49% trading between $20.19 and $20.53 USD/oz., while oil is up 2.41% trading between $44.54 and $46.21USD/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.