VBCE Daily Foreign Exchange Update for Wednesday, July 27, 2016
USDCAD spot rate: 1.3205 - 1.3210 (as at 8:27am PST)
| Ranges: | Asia: | 1.3173 | to | 1.3188 |
| Europe: | 1.3186 | to | 1.3205 | |
| North America: | 1.3181 | to | 1.3206 |
Technical Support / Resistance:
| S2 | S1 | R1 | R2 |
| 1.3093 | 1.3155 | 1.3239 | 1.3305 |
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:
| Date | Canada | U.S.A. |
| July 28 July 29 | GDP (May) | Goods trade balance GDP,Chicago PMI, consumer sentiment |
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
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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.
