​VBCE Daily Foreign Exchange Update for Friday, July 15, 2016

USDCAD spot rate: 1.2925 - 1.2930 (as at 7:53am PST)

Ranges:

Asia:

1.2883

to

1.2920

Europe:

1.2862

to

1.2922

North America:

1.2868

to

1.2932

Technical Support / Resistance:

S2

S1

R1

R2

1.2830

1.2860

1.2980

1.3085

Key Economic Data Releases:

- Canada manufacturing sales: -1.0% (exp. -0.7% / prev. 1.0%)

- U.S. retail sales: 0.6% (exp. 0.1% / prev. 0.2%) Core: 0.7% (exp. 0.4% / prev. 0.4%)

- U.S. Core CPI m/m: 0.2% (exp.0.2%/ prev. 0.2%) y/y: 2.3% (exp. 2.3% / prev. 2.2%)

- U.S. industrial production: 0.6% (exp. 0.2% / prev. -0.3%)

- U.S. consumer sentiment index: 89.5 (exp. 93.5/ prev. 93.5)

Key Event Calendar:

Date

Canada

U.S.A.

July 18

July 19

July 20

July 21

July 22

Wholesale sales

CPI, retail sales

Housing starts, building permits

Crude oil inventories

Philly Fed mfg. , existing home sales

Manufacturing PMI

Yesterday, USDCAD continued its slide lower falling from 1.2989 down to 1.2862, just shy of the July low of 1.2834 before bouncing back towards 1.2900. After nearing two month highs at the start of the week with a brief trade up to the 1.3138 level, the momentum has been downwards due to positive market risk sentiment and a less than dovish Bank of Canada statement on Wednesday. Overnight, the pairing failed to breach yesterday's low of 1.2860 and the July low of 1.2834 remained untested. Upbeat U.S. data this morning has the USD outperforming across the board and USDCAD has bounced to session highs near 1.2932. Currently, the TSX is unchanged while the DJIA is up 0.13%. EURCAD is down 0.15% trading between 1.4295 and 1.4383. GBPCAD is down 0.15% trading between 1.7137 and 1.7374. JPYCAD is unchanged trading between 0.01213 and 0.01228. Gold is down 0.34% trading between $1,322 and $1,336USD/oz., silver is down 0.65% trading between $20.07 and $20.34USD/oz., while oil is up 0.80% trading between $45.08 and $46.28.

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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.