VBCE Daily Foreign Exchange Update for Tuesday, July 26, 2016

USDCAD spot rate: 1.3225 - 1.3230 (as at 7:26am PST)

Ranges:

Asia:

1.3180

to

1.3232

Europe:

1.3193

to

1.3237

North America:

1.3200

to

1.3244

Technical Support / Resistance:

S2

S1

R1

R2

1.3007

1.3093

1.3235

1.3305

Key Economic Data Releases:

-US PMI 50.9 (52.0 exp_) 51.4 previous

-US Consumer Confidence 97.3 (95.7 exp.) 97.4 previous

-US New Home Sales 0.592M (0.557M exp.) 0.572M previous

Key Event Calendar:

Date

Canada

U.S.A.

July 27

July 28

July 29

GDP (May)

Durable Goods, US Fed Interest rate decision

Goods trade balance

GDP,Chicago PMI, consumer sentiment

Stimulus bets and earnings set the tone on financial markets, as the yen rallied amid scaled back expectations for fresh fiscal measures, while U.S. and Canadian equities treaded water on mixed corporate results. Oil dropped below the $43 dollar mark on fresh concerns of an oversupplied market, dashing any hopes of a rebound in the CAD dollar today, The yen rose against all of its 31 major peers as Finance Minister Taro Aso damped speculation of an immediate boost to government stimulus. The Federal Reserve starts its two-day meeting today with the markets looking for the slightest hint on what the Fed has planned for future interest rate hikes. The TSX is up 0.32% while the Dow is down 0.04%. EURCAD is up 0.06% trading between 1.4504 and 1.4568. GBPCAD is up 0.01% trading between 1.7257 and 1.7395. JPYCAD is up 1.15% trading between 0.01249 and 0.01270. Gold is up 0.55% trading between $1,314 and $1,325USD/oz., silver is up 0.51% trading between $19.45 and $19.74 USD/oz., while oil is down 0.70% trading between $42.40 and $43.35USD/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.