VBCE Daily Foreign Exchange Update for Friday, Oct. 24th, 2014

USDCAD spot rate: 1.1220 - 1.1225 (AS AT 8:07AM PST)

RANGES:	Asia:	1.1215	to	1.1233
	Europe:	1.1212	to	1.1234
	North America:	1.1194	to	1.1235

Technical Support / Resistance:

S2	S1	R1	R2
1.1070	1.1185	1.1294	1.1360

Key Economic Data Releases:

-U.S. new home sales: 467,000 (exp. 470,000)

Key Event Calendar:

DATE	CANADA	U.S.A.
Oct. 27		Markit services, pending home sales
Oct. 28		Durable goods, consumer confidence
Oct. 29	Raw mat. / indust. product price index	Fed interest rate decision
Oct. 30		GDP Q3, Core PCE, jobless claims
Oct. 31	GDP	Core PCE price index, personal income /
		spending, consumer sentiment index

Yesterday, USDCAD climbed from 1.1232 up to 1.1263 and then fell back to 1.1207. The move lower was short-lived and the pairing bounced back towards 1.1245 and remained confined to a 1.1230 – 1.1245 range for the balance of the day. In the absence of any key economic data today, the trading range has remained narrow. USDCAD held a 1.1212 – 1.1234 range overnight with similar narrow ranges amongst other currency pairings. USDCAD opened this morning’s session at 1.1213, dipped to 1.1193, and then bounced to test intra-day highs at 1.1235. This move higher was short-lived with the pairing easing back down to 1.1220. Equity markets are marginally higher although oil has fallen back into the $80 range. Currently, the TSX and the DJIA are up 0.05% and 0.25% respectively. EURCAD is up 0.25% trading between 1.4174 and 1.4237. GBPCAD is up 0.25% trading between 1.7968 and 1.8062. JPYCAD is unchanged trading between 0.01036 and 0.01041. Gold is up 0.30% trading at $1,233USD/oz, silver up 1% trading at $17.31USD/oz, while oil is down 2%, trading at $80.51.

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