VBCE Daily Foreign Exchange Update for Wednesday, August 10, 2016

USDCAD spot rate: 1.3065 - 1.3070 (as at 8:3745am PST)

Ranges:

Asia:

1.3065

to

1.3118

Europe:

1.3009

to

1.3078

North America:

1.3009

to

1.3070

Technical Support / Resistance:

S2

S1

R1

R2

1.2868

1.2939

1.3129

1.3238

Key Economic Data Releases:

-US Crude Oil Inventories 1.055M (-1.025M exp.) 1.413M previous

Key Event Calendar:

Date

Canada

U.S.A.

Aug. 11

Aug. 12

New housing price index

Retail sales, producer price index

The USD touched down to 1.30 this morning but has since then recovered to 1.3070 after the crude oil inventory release, which was far better than expected. GBP is down once again today for the fifth straight day as investors prepare for data next week which will give further clues on the state of the UK economy post BREXIT. Sterling is suffering its longest losing streak since May after Bank England cut interest rates for the first time since 2009 in its Aug.04 policy announcement, while exceeding economists' expectations on quantitative easing. The TSX is up 0.13% while the Dow is up 0.05%. EURCAD is down 0.01% trading between 1.4534 and 1.4590. GBPCAD is down 0.38% trading between 1.6966 and 1.7107. JPYCAD is up 0.13% trading between 0.01285 and 0.01290. Gold is up 0.33% trading between $1,340 and $1,357USD/oz., silver is up 1.69% trading between $19.82 and $20.48 USD/oz., while oil is down 0.16% trading between $42.11 and $43.37USD/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.