VBCE Daily Foreign Exchange Update for Monday, Nov. 10th, 2014

USDCAD spot rate: 1.1320 - 1.1325 (AS AT 8:13AM PST)

RANGES:	Asia:	1.1312	to	1.1337
	Europe:	1.1300	to	1.1335
	North America:	1.1306	to	1.1335

Technical Support / Resistance:

S2	S1	R1	R2
1.1262	1.1300	1.1340	1.1386

Key Economic Data Releases:

-Canada housing starts: 183.6k (exp. 200k)

Key Event Calendar:

DATE	CANADA	U.S.A.
Nov. 11	Remembrance Day	Veterans Day
Nov. 12		Wholesale inventories
Nov. 13	Bank of Canada review	Initial jobless claims
Nov. 14	Manufacturing shipments	Retail sales, consumer sentiment

On Friday, USDCAD traded from 1.1420 up to 1.1449 before plummeting to 1.1312. The pairing bounced marginally to close the week at 1.1333. The catalyst for the broad-based CAD strength was a surprisingly strong jobs report for the 2

ND straight month. Canada has added more than 100,000 jobs these past two months, most of them full-time. The unemployment rate dipped to a 6 year low of 6.5%. Overnight, USDCAD dipped to 1.1300 but the pairing has bounced to 1.1335. This level has contained USD rallies thus far followed by shallow dips to 1.1320. There are now major economic news releases today and markets will be closed tomorrow for Remembrance Day. Currently, the TSX and the DJIA are up 0.21% and 0.13% respectively. EURCAD is down 0.20% trading between 1.4073 and 1.4142. GBPCAD is down 0.10% trading between 1.7956 and 1.8017. JPYCAD is down 0.10% trading between 0.00987 and 0.00994. Gold is down 0.55% trading between $1,161 and $1,178USD/oz, silver down 0.73% trading between $15.57 and $15.90USD/oz, while oil is down 0.25%, trading between $77.94 and $79.82.

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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