​VBCE Daily Foreign Exchange Update for Thursday, August 11, 2016

USDCAD spot rate: 1.3020 - 1.3025 (as at 8:3745am PST)

Technical Support / Resistance:

Key Economic Data Releases:

-Canadian New Housing Price Index .1% (.3% exp.) .7% previous

-US Initial Jobless Claims 266k (265K exp.) 267K Previous

Key Event Calendar:

World shares hovered close to one-year highs on Thursday and the latest interest rate cut in a developed market – this time New Zealand – got a lukewarm reaction from investors. Currency markets' broader focus remained on whether U.S. interest rates will rise this year, with traders looking ahead to a number of speeches by Federal Reserve officials culminating in Fed Chair Janet Yellen's Aug. 26 address at the Jackson Hole symposium. Currently, oil prices have increased over 2% and are pushing the CAD dollar nominally higher so far this morning The TSX is up 0.23% while the Dow is up 0.30%. EURCAD is down 0.27% trading between 1.4523 and 1.4612. GBPCAD is down 0.43% trading between 1.6893 and 1.7009. JPYCAD is down 0.22% trading between 0.01285 and 0.01292. Gold is up 0.41% trading between $1,340 and $1,352USD/oz., silver is up 0.35% trading between $19.90 and $20.32 USD/oz., while oil is up 2.38% trading between $41.13 and $42.49USD/barrel

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