​VBCE Daily Foreign Exchange Update for Wednesday, July 27, 2016

USDCAD spot rate: 1.3205 - 1.3210 (as at 8:27am PST)

Technical Support / Resistance:

Key Economic Data Releases:

-US Durable Goods Orders (Jun) -4.0% (-1.1% exp) -2.3% previous

-US Fed Interest Rate Decision 11am

Key Event Calendar:

US Fed Interest rate decision is set for 11am this morning followed by a statement release. The meeting is not expected to reveal any policy changes. The chances of higher rates remain slim this year, but a positive statement from the FED should bolster the recent rebound in the US short-term rates somewhat and support the USD. Their interpretation of the impact of BREXIT is likely to be cautious, but so far the shock appears to have been contained. The TSX is up 0.25% while the Dow is up 0.01%. EURCAD is up 0.24% trading between 1.4459 and 1.4539. GBPCAD is up 0.03% trading between 1.7244 and 1.7339. JPYCAD is down 0.83% trading between 0.01239 and 0.01259. Gold is up 0.49% trading between $1,315 and $1,329USD/oz., silver is up 1.80% trading between $19.52 and $20.11 USD/oz., while oil is down 1.33% trading between $41.97 and $43.17USD/barrel

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