VBCE FX Update for Monday, September 29th 2014

USDCAD spot rate: 1.1155 - 1.1160 (AS AT 7:59AM PST)

RANGES:	Asia:	1.1151	to	1.1178
	Europe:	1.1138	to	1.1175
	North America:	1.1138	to	1.1165

Technical Support / Resistance:

S2	S1	R1	R2
1.1085	1.1122	1.1178	1.1280

Key Economic Data Releases:

-U.S. personal income: 0.3% (exp. 0.3%)
-U.S. personal spending: 0.5% (exp. 0.4%)
-U.S. pending home sales: -1.0% (exp. -0.1%)
-U.S. core personal consumption expenditure price index m/m: 0.1% (exp. 0%) y/y: 1.5% (prev. 1.5%)

Key Event Calendar:

DATE	CANADA	U.S.A.
Sept 30	GDP, raw material price index	Consumer confidence, Chicago PMI
Oct 1	RBC manufacturing PMI	ADP employment change, ISM mfg index
Oct 2		Initial jobless claims, factory orders
Oct 3	Int’l merchandise trade	Non-farm payrolls, unemployment rate, Trade
		balance, ISM non-mfg index

 

On Friday, USDCAD climbed from 1.1090 to a 6 month high of 1.1169 and closed the week at 1.1155. The 1.1122/27 technical level was broken on broad-based USD strength from a strong U.S. GDP 2ND quarter reading of 4.6%. Overnight, the pairing advanced to 1.1178 on risk aversion flows as Hong Kong was in the spotlight with the democracy protests. USDCAD opened this morning’s session at 1.1153 and eased to 1.1138/43. North American equity markets have paired some of the earlier losses and the USD is giving back some of its overnight gains. USDCAD has bounced twice out of the morning lows but each advance higher has stalled at the 1.1160/65 level. The primary uptrend is in place with little resistance between the current level and the March 2014 high of 1.1280. Short-term overbought conditions may yield a pull-back towards 1.1085 – 1.1122 before USDCAD advances further. Currently, the TSX and the DJIA are down 0.46% and 0.52% respectively. EURCAD is unchanged trading between 1.4130 and 1.4182. GBPCAD is unchanged trading between 1.8079 and 1.8144. JPYCAD is unchanged trading between 0.01017 and 0.01021 Gold is up 0.18% trading at $1,217USD/oz, silver is down 0.35% trading at $17.48USD/oz, while oil is down 0.15%, trading at $93.40.

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

Please contact the VBCE trading desk at 604-685-1016 for more information on our corporate foreign exchange and wire payment services. Updates by stevebrown@vbce.ca

 

VBCE 25th Anniversary

Vancouver Bullion & Currency Exchange

Celebrating 25 Years of Achievement

 

The VBCE Family

 

Vancouver Bullion and Currency Exchange ("VBCE") is one of the first, and now the oldest, Canadian privately held firms specializing in foreign exchange and payment services. Established in 1989, we started with a single office with 5 employees. VBCE now spans 3 locations and is Canada's most trusted source for foreign exchange.

 

Thank you Sciue for catering this special day - the food was great and all the servers were awesome.

We take great pride in our Canadian heritage, and although our 3 retail locations are in BC's Lower Mainland our presence can be felt across Canada and the United States. VBCE is a Better Business Bureau Accredited business, proudly maintaining an A+ rating.

 

VBCE would like to thank everyone that came out and joined our celebration. A big special thanks to all our clients and the VBCE Family for the love and support! Thank you for celebrating this amazing milestone with us, we really appreciate each and everyone of you!

 

 

 

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By VBCE

 

 

VBCE FX Online was established in 2013 to meet the growing demand for a simple, convenient, and efficient way for individuals and businesses across the country to conduct foreign exchange through an intuitive online platform. Combined with competitive exchange rates and exceptional customer service, VBCE Online is solidifying itself as a premier choice in the FX online space.