VBCE Daily Foreign Exchange Update for Thursday, Nov. 13th, 2014

USDCAD spot rate: 1.1342 - 1.1347 (AS AT 8:00AM PST)

RANGES:	Asia:	1.1309	to	1.1326
	Europe:	1.1303	to	1.1328
	North America:	1.1299	to	1.1349

Technical Support / Resistance:

S2	S1	R1	R2
1.1210	1.1280	1.1400	1.1440

Key Economic Data Releases:

-U.S. initial jobless claims: 290k (exp. 280k)

Key Event Calendar:

DATE	CANADA	U.S.A.
Nov. 14	Manufacturing shipments	Retail sales, consumer sentiment

Yesterday, USDCAD traded from 1.1359 down to 1.1280, its lowest level in 10 days before bouncing to 1.1323. Overnight, USDCAD remained confined to a 1.1303 – 1.1328 range. The pairing opened this morning’s session at 1.1311, dipped briefly to 1.1299, and then climbed to 1.1349. This level has held thus far and USDCAD has since eased to 1.1342. It is very light on the economic data front and despite a surprise decline in U.S. oil inventories (-1.7 million barrels vs. exp. + 700k) oil prices have fallen 2% and now trade near a 3 year low at $75.19. Tomorrow, Canadian manufacturing shipments are expected to rebound by 1.1% after contracting 3.3% the previous month. U.S. retail sales are expected to rebound by 0.2% after a surprise 0.3% decline the previous month. Currently, the TSX is down 0.11% while the DJIA is up 0.44%. EURCAD is up 0.50% trading between 1.4069 and 1.4170. GBPCAD is unchanged trading between 1.7804 and 1.7868. JPYCAD is unchanged trading between 0.00978 and 0.00981. Gold is unchanged trading between $1,154 and $1,168USD/oz, silver is unchanged trading between $15.57 and $15.79USD/oz, while oil is down 2%, trading between $75.18 and $77.13.

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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