VBCE Daily FX Report August 17 2016

Daily Foreign Exchange Update - Wednesday Aug 17 2016

USDCAD Spot Rate: 1.2860-1.2865 (as of 8:15am PST)

Ranges:

Asia:

1.2860

to

1.2878

Europe:

1.2873

to

1.2906

North America:

1.2883

to

1.2903

Technical Support / Resistance:

S2

S1

R1

R2

1.2743

1.2805

1.2940

1.2980

Key Economic Data Releases:

- US Crude oil inventories -2.508M (0.522M exp.) 1.055M previous
- FOMC minutes release 11am

Key Event Calendar:

Date

Canada

U.S.A.

Aug 18

Aug 19



CPI, retail sales
Philly Red Manufacturing index



USD has strengthened slightly today against its major counterparts while stocks have declined as market participants position themselves ahead of the 11am FED minutes release. US sovereign bonds swung between gains and losses after two regional Fed chiefs indicated Tuesday that rates could be increased at least once this year. NY Fed Reserve Bank President William Dudley stated Tuesday that a September rate hike is still possible even if markets aren't convinces that it's probable. The TSX is down 0.36% while the Dow is down 0.24%. EURCAD is up 0.17% trading between 1.4492 and 1.4548. GBPCAD is down 0.025 trading between 1.6738 and 1.6823. JPYCAD is up 0.07% trading between 0.01274 and 0.01284. Gold is down 0.15% trading between $1,341 and $1,347 USD/oz., silver is down 0.75% trading between $19.54 and $19.88 USD/oz., while oil is up 0.45% trading between $45.88 and $46.73 USD/barrel.

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

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Disclaimer


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.