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%)
-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
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