​VBCE Daily Foreign Exchange Update for Tuesday, July 19, 2016

USDCAD spot rate: 1.3035 - 1.3040 (as at 7:26am PST)

Ranges:

Asia:

1.2944

to

1.2996

Europe:

1.2981

to

1.3027

North America:

1.3014

to

1.30854

Technical Support / Resistance:

S2

S1

R1

R2

1.2903

1.2944

1.3055

1.3115

Key Economic Data Releases:

-US Housing Starts 1.189M (1.170M exp) 1.135M previous

-US building permits 1.153M (1.150M exp) 1.138 previous

Key Event Calendar:

Date

Canada

U.S.A.

July 20

July 21

July 22

Wholesale sales

CPI, retail sales

Crude oil inventories

Philly Fed mfg. , existing home sales

Manufacturing PMI

World shares dipped for only the second time in nine days on Tuesday, sapped by a drop in oil prices and data that showed Britain's vote to quit the European Union dented German business confidence.

European markets fell 1 per cent in early trading as the slide in oil to back below $46 a barrel sent commodity firms down 1.5 per cent and was then compounded by the softer German ZEW institute data.

Rally fatigue had already set in overnight in Asia. Stocks failed to build on the latest record high for Wall Street while the safe-haven yen, government bonds and gold all made ground.

Murmurings of central bank stimulus remained in the background.The TSX is down 0.10% while the Dow is up 0.05%. EURCAD is up 0.17% trading between 1.4337 and 1.4411. GBPCAD is down 0.23% trading between 1.7087 and 1.7205. JPYCAD is up 0.48% trading between 0.01219 and 0.01229. Gold is up 0.21% trading between $1,326 and $1,335USD/oz., silver is down 0.52% trading between $19.81 and $20.07 USD/oz., while oil is down 0.65% trading between $44.76 and $45.64USD/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.