​VBCE Daily Foreign Exchange Update for Monday, July 18, 2016

USDCAD spot rate: 1.3010 - 1.3015 (as at 7:50am PST)

Ranges:

Asia:

1.2930

to

1.2955

Europe:

1.2930

to

1.2968

North America:

1.2945

to

1.3022

Technical Support / Resistance:

S2

S1

R1

R2

1.2860

1.2930

1.3022

1.3085

Key Economic Data Releases:

- no key data

Key Event Calendar:

Date

Canada

U.S.A.

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

On Friday, the USDCAD downtrend in play since Tuesday stalled as Thursday's low of 1.2860 failed to give way and the pairing climbed to 1.2989 before closing the week near 1.2967. The CAD was under pressure for most of Friday's North American session on broad-based USD strength after a round of fairly strong U.S. economic data. News of a military coup in Turkey late in Friday's session saw risk aversion flows ensue weakening the Euro and strengthening the USD and JPY. As markets got under way Sunday, USDCADS eased to 1.2930 on news that the military coup had been thwarted. Despite no key data releases today, USDCAD has resumed its uptrend from Friday this morning. After opening this morning's session near 1.2945, USDCAD has climbed to 1.3022 with pullbacks limited to 1.2990 thus far. Currently, the TSX and the DJIA are up 0.26% and 0.15% respectively. EURCAD is up 0.70% trading between 1.4287 and 1.4400. GBPCAD is up 1% trading between 1.7081 and 1.7259. JPYCAD is unchanged trading between 0.01222 and 0.01235. Gold is up 0.23% trading between $1,323 and $1,338USD/oz., silver is down 0.74% trading between $19.72 and $20.23USD/oz., while oil is down 2% trading between $44.91 and $46.28.

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.