VBCE Daily Foreign Exchange Update for Monday, August 22, 2016
USDCAD spot rate: 1.2945 - 1.2950 (as at 8:22am PST)
| Ranges: | Asia: | 1.2881 | to | 1.2928 |
| Europe: | 1.2928 | to | 1.2903 | |
| North America: | 1.2910 | to | 1.2950 |
Technical Support / Resistance:
| S2 | S1 | R1 | R2 |
| 1.2760 | 1.2811 | 1.2973 | 1.3048 |
Key Economic Data Releases:
-Canada Wholesale Sales (MoM June) 0.7% (0.5% exp.) 1.9% previous
Key Event Calendar:
| Date | Canada | U.S.A. |
| Aug. 23 Aug. 24 Aug. 25 Aug. 26 | New home sales, manufacturing PMI Existing home sales, crude oil inventories Durable good, Jackson Hole Symposium GDP Q2, services PMI, Fed Yellen speech, Consumer sentiment index |
CAD is weak, underperforming against all of the G10 currencies with a 0.7% decline from Friday's close. Federal Reserve Vice Chairman Stanley Fischer helped the USD dollar to begin the week trading stronger against all of its major peers, after he said US economic conditions are close to hitting central bank's targets in a speech in Aspen on Sunday. This upbeat assessment pushed the USD to a 1 week high, as traders beef up bets that a rate hike may happen this year. Markets will be watching to see if Fed Chair Janet Yellen's remarks on the economy concord with Fischer's, when she delivers her address at the Jackson Hole symposium this Friday. The TSX is down 0.10% while the Dow is up 0.01%. EURCAD is up 0.58% trading between 1.4542 and 1.4638. GBPCAD is up 1.11% trading between 1.6783 and 1.6992. JPYCAD is up 0.49% trading between 0.01276 and 0.01287. Gold is down 0.16% trading between $1,331 and $1,341 USD/oz., silver is down 1.87% trading between $18.74 and $19.29 USD/oz., while oil is down 2.20% trading between $47.66 and $48.97 USD/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.
