VBCE Daily Foreign Exchange Update for Wednesday, Nov. 12th, 2014

USDCAD spot rate: 1.1305 - 1.1310 (AS AT 8:10AM PST)

RANGES:	Asia:	1.1333	to	1.1359
	Europe:	1.1314	to	1.1348
	North America:	1.1280	to	1.1323

Technical Support / Resistance:

S2	S1	R1	R2
1.1210	1.1280	1.1400	1.1440

Key Economic Data Releases:

-U.S. wholesale sales: 0.2% (exp. -0.1%)

-U.S. wholesale inventories: 0.3% (exp. 0.2%)

Key Event Calendar:

DATE	CANADA	U.S.A.
Nov. 13	Bank of Canada review	Initial jobless claims
Nov. 14	Manufacturing shipments	Retail sales, consumer sentiment

Yesterday, USDCAD traded from 1.1380 up to 1.1401 before falling to 1.1326 in thin trading conditions as Canada and the U.S. observed Remembrance Day and Veteran’s Day respectively. Overnight, USDCAD climbed to 1.1359 and then eased to 1.1314. The pairing has since fallen to 1.1280/85, its lowest level since Monday, Nov. 3RD. USDCAD has since bounced to 1.1310 only to fall back and test the 1.1285 level a 3RD time this morning. The GBP is the worst performing currency as any chance of an interest rate hike by the Bank of England is off the table as the inflation forecast was reduced from 1.9% to 1.2% for this year. GBPCAD has fallen from 1.8076 to 1.7841, its lowest level since early September. Currently, the TSX is up 0.20% while the DJIA is down 0.38%. EURCAD is down 0.25% trading between 1.4068 and 1.4173. GBPCAD is down 1% trading between 1.7841 and 1.8076. JPYCAD is up 0.30% trading between 0.00978 and 0.00985. Gold is up 0.13% trading between $1,160 and $1,170USD/oz, silver down 0.24% trading between $15.58 and $15.78USD/oz, while oil is down 0.28%, trading between $76.89 and $77.81.

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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