VBCE Daily Foreign Exchange Update for Friday, Nov. 14th, 2014

USDCAD spot rate: 1.1315 - 1.1320 (AS AT 8:05AM PST)

RANGES:	Asia:	1.1366	to	1.1394
	Europe:	1.1357	to	1.1387
	North America:	1.1307	to	1.1385

Technical Support / Resistance:

S2	S1	R1	R2
1.1210	1.1280	1.1400	1.1440

Key Economic Data Releases:

-Canadian manufacturing shipments: 2.1% (exp. 1.1%)

- U.S. retail sales: 0.3% (exp. 0.2%) ex autos: 0.3% (exp. 0.2%)

-U.S. consumer sentiment index: 89.4 (exp. 87.5)

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

Key Event Calendar:

DATE	CANADA	U.S.A.
Nov. 17	Net securities transactions	NY Empire state mfg index, industrial production
Nov. 18		Producer price index, net long-term TIC flows
Nov. 19		Building permits, housing starts, FOMC minutes
Nov. 20	Wholesale sales	CPI, jobless claims, Markit mfg PMI, existing
		home sales, Phil.Fed mfg survey, leading indicator
Nov. 21	Consumer price index

Yesterday, USDCAD trended higher trading from 1.1299 up to 1.1390 as the price of oil dropped more than 2% falling below the $75 level. Overnight, USDCAD made marginal gains to 1.1394 before dropping to 1.1357. The pairing bounced briefly to 1.1385 this morning but has since fallen sharply to 1.1307. The CAD is the best performing currency today on better than expected manufacturing data and a rebound in commodity prices. A minor bounce to 1.1325 has been followed by another move lower to 1.1293 just moments ago. Currently, the TSX and the DJIA are relatively unchanged. EURCAD is down 0.50% trading between 1.4200 and 1.4079. GBPCAD is down 1% trading between 1.7877 and 1.7684. JPYCAD is down 1% trading between 0.00983 and 0.00972. Gold is up 0.60% trading between $1,147 and $1,180USD/oz, silver is up 1.15% trading between $15.29 and $15.98USD/oz, while oil is up 1.50%, trading between $73.29 and $75.39.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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