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

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

Ranges:

Asia:

1.3107

to

1.3141

Europe:

1.3039

to

1.3126

North America:

1.3006

to

1.3066

Technical Support / Resistance:

S2

S1

R1

R2

1.2987

1.3012

1.3127

1.3180

Key Economic Data Releases:

-CAD Mfg. PMI 51.9 51.8 previous

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

Key Event Calendar:

Date

Canada

U.S.A.

Aug. 3rd

Aug 4th

Aug. 5th

Unepmloyment rate, Net Employment change, trade balance

Adp Employment Change, ISM non-mfg PMI

Factory Orders

Non Farm payrolls, Unemployment rate, Trade Balance

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

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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.