VBCE Daily FX Report August 15 2016

VBCE Daily Foreign Exchange Update for Monday August 15, 2016

USDCAD spot rate: 1.2920 - 1.2925 (as of 8:20am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- NY Empire state mfg. Index -4.21 (exp. 2.50) 0.55 previous

Key Event Calendar:

CAD is up 0.3 % from Friday's close and trading at a fresh one month high as we enter Monday's NA session. Oil prices remain dominant in driving the CAD as we note the ongoing disconnect to yield spreads. Oil climbed above $45 a barrel in NY for the first time in three weeks thanks to speculation that crude producers will revive discussions to stabilize the markets. The UK is due to publish inflation data tomorrow which will offer the first hard look as to the impact of the BREXIT vote on price stability and the Bank of England's flexibility to unleash stimulus. The TSX is up 0.29% while the Dow is up 0.46%. EURCAD is up 0.04% trading between 1.4429 and 1.4479. GBPCAD is down 0.51% trading between 1.6607 and 1.6777. JPYCAD is down 0.04% trading between 0.01276 and 0.01282. Gold is up 0.44% trading between $1,335 and $1,343USD/oz., silver is up 0.61% trading between $19.70 and $20.04 USD/oz., while oil is up 1.71% trading between $44.41 and $45.67 USD/barrel.

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