​VBCE Daily Foreign Exchange Update for Thursday, July 28, 2016

USDCAD spot rate: 1.3165 - 1.3170 (as at 8:27am PST)

Ranges:

Asia:

1.3122

to

1.3180

Europe:

1.3102

to

1.3180

North America:

1.3145

to

1.3176

Technical Support / Resistance:

S2

S1

R1

R2

1.3063

1.3100

1.3180

1.3239

Key Economic Data Releases:

-US Goods Trade Balance -63.3 B (previous -61.0 B)

-US Initial Jobless Claims 266k (260k exp.) 252k previous

Key Event Calendar:

Date

Canada

U.S.A.

July 29

GDP (May)

GDP,Chicago PMI, consumer sentiment

The fallout from yesterday's Federal Reserve statement continued to reverberate through global markets, with the dollar extending declines, emerging-nation currencies getting a boost and gold gaining on optimism the central bank will take a cautious approach to raising interest rates. The US dollar extended losses, weakening against all but two of its 16 major peers, as bets on a rate increase in 2016 remained below 50 percent. The CAD dollar, despite weaker oil prices has maintained a positive bias so far this morning. The TSX is up 0.15% while the Dow is down 0.33%. EURCAD is up 0.36% trading between 1.4529 and 1.4629. GBPCAD is down 0.59% trading between 1.7285 and 1.7418. JPYCAD is down 0.41% trading between 0.01251 and 0.01258. Gold is up 0.11% trading between $1,336 and $1,345USD/oz., silver is down 0.39% trading between $20.21 and $20.51 USD/oz., while oil is down 0.62% trading between $41.57 and $42.19USD/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.