VBCE Daily Foreign Exchange Update for Thursday, July 21, 2016

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

Technical Support / Resistance:

Key Economic Data Releases:

- Canadian Wholesale sales 1.8 (0.2 exp) 0.2 previous

- Philly Fed Mfg. -2.9 (5.0 exp.) 4.7 previous

- US existing home sales 5.57M (5.48 M exp.) 5.51 previous

- US initial Jobless claims 253k (265K exp.) 254k previous

Key Event Calendar:

Date

Canada

U.S.A.

July 22

CPI, retail sales

Manufacturing PMI

In line with expectations, the European Central Bank kept current interest rates and levels of stimulus unchanged Thursday despite worries about how Britain's vote to leave the European Union will affect the continent's economy. Meeting for the first time since last month's referendum in the U.K., the ECB's 25-member governing council voted to keep its lending rate at a record low zero and its bond-buying program at $88 billion per month. Britain's departure from the EU may disrupt trade and the Bank of England held off increasing stimulus at its last meeting as it takes stock of the situation. The TSX is up 0.28% while the Dow is down 0.16%. EURCAD is down 0.31% trading between 1.4340 and 1.4422. GBPCAD is down 0.52% trading between 1.7168 and 1.7334. JPYCAD is up 0.60% trading between 0.01216 and 0.01237. Gold is up 0.58% trading between $1,311 and $1,324USD/oz., silver is up 0.62% trading between $19.23 and $19.52 USD/oz., while oil is down 0.62% trading between $45.32 and $46.06USD/barrel

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve

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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.