​VBCE Daily Foreign Exchange Update for Thursday, July 14, 2016

USDCAD spot rate: 1.2905 - 1.2910 (as at 8:36am PST)

Ranges:

Asia:

1.2925

to

1.2983

Europe:

1.2924

to

1.2943

North America:

1.2924

to

1.2941

Technical Support / Resistance:

S2

S1

R1

R2

1.2743

1.2865

1.3042

1.3115

Key Economic Data Releases:

-Canadian New Housing Price Index (MoM May) 0.7% / 0.3% prev

-US Producer Price Index (MoM Jun) 0.5% (exp 0.2%) 0.4% prev

-US Initial Jobless Claims 254K (exp 265K) 254K prev

Key Event Calendar:

Date

Canada

U.S.A.

July 15th

Manufacturing Shipments

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

GBP has strengthened today after a surprise BoE decision to keep policy unchanged. Many were anticipating at least a 25bps cut today after Gov Carney indicated that more accommodation might be required in response to Brexit. The policy statement said that officials expect to ease policy in August. CAD is up for the third consecutive session to test a fresh 1 week high. US stocks have ripped to intraday highs for the fourth consecutive day. TSX is up 0.39% while the Dow is up 0.86%. EURCAD is down 0.37% trading between 1.4333 and 1.4443. GBPCAD is up 1.03% trading between 1.6995 and 1.7420. JPYCAD is down 1.54% trading between 0.01220 and 0.01246. Gold is down 0.97% trading between $1,320 and $1,347USD/oz., silver is down 0.26% trading between $20.01 and $20.54 USD/oz., while oil is up 0.9% trading between $44.98 and $45.76USD/barrel

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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.