USDCAD spot rate: 1.1310 - 1.1315 (AS AT 8:15AM PST)
RANGES:
|
Asia:
|
1.1269
|
to
|
1.1294
|
Europe:
|
1.1285
|
to
|
1.1320
|
|
North America:
|
1.1308
|
to
|
1.1328
|
Technical Support / Resistance:
S2
|
S1
|
R1
|
R2
|
1.1210
|
1.1265
|
1.1400
|
1.1440
|
Key Economic Data Releases:
-Foreign portfolio investment in
Canadian securities: $4.37 billion (prev. $10.29 billion)
-Canadian portfolio investment in
foreign securities: $8.64 billion (prev. $0.03 billion)
-U.S. industrial production: -0.1% (exp. 0.2%)
-U.S. capacity utilization: 78.9%
(exp. 79.3%)
-U.S. NY Empire State
manufacturing index: 10.16 (exp. 11.00)
Key Event Calendar:
DATE
|
CANADA
|
U.S.A.
|
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
|
On Friday, the CAD was the best performing currency on
better than expected manufacturing data and a rebound in commodity prices.
Broad-based USD weakness was also evident for the 2ND Friday in a row as investors booked
profits on long USD positions. USDCAD fell from 1.1394 down to a two week low
of 1.1265 and closed the week near session lows. The theme is Asian trade
overnight was broad-based USD weakness, the main catalyst - weak 3RD quarter GDP data out of Japan. With
expectations of a 2.2% rise, GDP actually contracted by 1.6% on an annual
basis. After trading to 117.04, USDJPY plunged to 115.45 as the NIKKEI lost 3%.
The trend turned in Europe with equity markets stabilizing and the USD broadly
gaining. USDJPY reversed back up to 116.45 while USDCAD climbed from 1.1269 up
to 1.1320. After opening this morning’s session at 1.1308, USDCAD has climbed
to 1.1328 and retraced back to 1.1308. Currently, the TSX is up 0.40% while the
DJIA is relatively unchanged. EURCAD is down 0.25% trading between 1.4087 and
1.4177. GBPCAD is up 0.20% trading between 1.7669 and 1.7740. JPYCAD is
unchanged trading between 0.00966 and 0.00976. Gold is unchanged trading
between $1,181 and $1,194USD/oz, silver is down 1.45% trading between $16.05
and $16.48USD/oz, while oil is down 1%, trading between $74.74 and $76.15.
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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For questions, please contact us at info@vbce.ca or 604-685-1008.
#120-800 West Pender Street, Vancouver, BC V6C 2V6
For foreign currency exchange rates, visit www.vbce.ca/rates/major-currencies
For rates on precious metals, visit www.vbce.ca/rates/precious-metals
For questions, please contact us at info@vbce.ca or 604-685-1008.
#120-800 West Pender Street, Vancouver, BC V6C 2V6
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