​​VBCE Daily Foreign Exchange Update for Tuesday, August 2nd, 2016

USDCAD spot rate: 1.3045 - 1.3050 (as at 7:27am PST)

Technical Support / Resistance:

Key Economic Data Releases:

-CAD Mfg. PMI 51.9 51.8 previous

-US personal income .2% (.3% exp.) .2% previous

Key Event Calendar:

European stocks fell to two-week lows on Tuesday, dragged down by banks, while the yen rose against the U.S. dollar and government bonds sold off after Japan's cabinet approved a fiscal stimulus package to revive the flagging economy. The pan-European STOXX 600 index fell 1.4 per cent, hurt by a 3 per cent fall to three-week lows in banks. They extended Monday's losses after Europe-wide stress tests on 51 European lenders cast doubts on the health of the sector. A general weakness in the USD along with a recovery in oil prices has helped lift the CAD dollar so far this morning. The TSX is down 0.54% while the Dow is down 0.47%. EURCAD is down 0.19% trading between 1.4586 and 1.4697. GBPCAD is down 0.28% trading between 1.7274 and 1.7364. JPYCAD is up 0.61% trading between 0.01279 and 0.01292. Gold is up 0.94% trading between $1,347 and $1,365USD/oz., silver is up 1.26% trading between $20.34 and $20781 USD/oz., while oil is 1.28% trading between $39.89 and $40.88USD/barrel

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