​VBCE Daily Foreign Exchange Update for Wednesday, July 13, 2016

USDCAD spot rate: 1.2950 - 1.2955 (as at 7:26am PST)

Ranges:

Asia:

1.3034

to

1.3084

Europe:

1.3023

to

1.3078

North America:

1.2936

to

1.3081

Technical Support / Resistance:

S2

S1

R1

R2

1.2903

1.2930

1.3025

1.3115

Key Economic Data Releases:

-Bank of Canada Interest rate announcement

http://www.bankofcanada.ca/2016/07/fad-press-release-2016-07-13/

Key Event Calendar:

Date

Canada

U.S.A.

July 14th

July 15th

New Housing Price Index

Manufacturing Shipments

PPI, Initial jobless claims

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

U.S. Stocks Fluctuate Near Record highs, and Commodities Rise as risk appetite continues to gain traction as the Yen Falls. Meanwhile the Bank of Canada held interest rates steady as expected but was more upbeat than the market had expected for the outlook for the Canadian economy after the Brexit voting result. The CAD dollar has benifited from this and is currently trading higher. All eyes will now focus on Govenor Poloz's upcoming press conference this morning.The TSX is up 0.22% while the Dow is up 0.09%. EURCAD is down 0.16% trading between 1.4367 and 1.4504. GBPCAD is down 0.48% trading between 1.7158 and 1.7415. JPYCAD is down 0.26% trading between 0.01241 and 0.01257. Gold is up 0.64% trading between $1,328 and $1,345USD/oz., silver is up 0.65% trading between $19.91 and $20.48 USD/oz., while oil is down 0.86% trading between $45.97 and $46.56USD/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.