USDCAD spot rate: 1.1280 - 1.1285 (AS AT 8:32AM PST)
RANGES:
|
Asia:
|
1.1183
|
to
|
1.1211
|
Europe:
|
1.1190
|
to
|
1.1223
|
|
North America:
|
1.1190
|
to
|
1.1332
|
Technical Support / Resistance:
S2
|
S1
|
R1
|
R2
|
1.1070
|
1.1120
|
1.1225
|
1.1255
|
Key Economic Data Releases:
-Canada GDP: -0.1%
(exp. 0.0%)
-U.S.
Core personal consumption expenditure price index: 1.5% (prev. 1.5%)
-U.S.
personal income: 0.2% (exp. 0.3%) spending: -0.2%
(exp. 0.1%)
-U.S.
Michigan consumer sentiment index: 86.9 (exp. 86.4)
Key Event Calendar:
DATE
|
CANADA
|
U.S.A.
|
Nov. 3
|
RBC manufacturing PMI
|
ISM / Markit mfg PMI, construction spending
|
Nov. 4
|
Int’l merchandise trade
|
Trade balance, factory orders
|
Nov. 5
|
Housing starts
|
ADP employment change, Markit services
|
PMI, ISM non-manufacturing PMI
|
||
Nov. 6
|
Building permits, Ivey PMI
|
Initial jobless claims
|
Nov. 7
|
Net employment change,
|
Non-farm payrolls, unemployment rate
|
unemployment rate
|
Participation rate
|
Yesterday, USDCAD traded from 1.1181 up to 1.1223 before
falling to 1.1163. The pairing then bounced to 1.1191. Overnight, USDCAD
climbed to 1.1220 on broad-based USD strength. The main catalyst was a surprise
announcement by the Bank of Japan. They expanded their monetary base / stimulus
program from $50 billion yen / year to 80 billion yen / year citing concerns
that lower oil prices will dampen their inflation outlook along with concerns
over reduced consumer spending. The USDJPY spiked higher and has traded from
109.18 to 112.48, its highest level in 7 years. USDCAD opened this morning’s
session at 1.1199 and climbed to 1.1332 after Canadian GDP missed estimates.
The pairing has since fallen to 1.1275. Currently, the TSX and the DJIA are
both up 1%. EURCAD is up 0.20% trading between 1.4060 and 1.4170. GBPCAD is up
0.80% trading between 1.7889 and 1.8093. JPYCAD is down 2% trading between
0.01025 and 0.01002. Gold is down 3% trading between $1,161 and $1,202USD/oz,
silver down 3% trading between $15.78 and $16.55USD/oz, while oil is down
1.57%, trading between $79.56 and $81.24.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive
Please contact the VBCE trading desk at 604-685-1008 for more information on our foreign exchange and wire payment services. Updates by stevebrown@vbce.ca
The information contained in this report has been compiled by our VBCE traders from sources believed to be reliable, but no representation or warranty, express or implied, is made by VBCE as to its accuracy, completeness or correctness. All opinions and estimates contained in this report constitute VBCE’s judgment as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. Nothing in this report constitutes legal, accounting or tax advice or individually tailored investment advice. This material is prepared for general circulation to clients and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. This report is not an offer to sell or a solicitation of an offer to buy any currency or precious metals. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. To the full extent permitted by law neither VBCE nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior consent of VBCE
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