​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.