VBCE Daily Foreign Exchange Update for Thursday, Nov. 27th, 2014

USDCAD spot rate: 1.1335 - 1.1340 (AS AT 8:05AM PST)

RANGES:	Asia:	1.1234	to	1.1270
	Europe:	1.1241	to	1.1285
	North America:	1.1239	to	1.1340

Technical Support / Resistance:

S2	S1	R1	R2
1.1192	1.1230	1.1370	1.1465

Key Economic Data Releases:

-Canada current account deficit: $8.40 billion (exp. $11.10 billion)

Key Event Calendar:

DATE	CANADA	U.S.A.
Nov. 28	GDP, raw material price index

Yesterday, USDCAD traded from 1.1250 up to 1.1298 before falling to 1.1228. The pairing bounced to hold a 1.1235 – 1.1250 range for the balance of the session. The pairing climbed to 1.1285 overnight before falling back to 1.1239 this morning after the release of a smaller than expected Canadian current account deficit. The pairing has since jumped to 1.1340 in thin holiday trading conditions as U.S. markets are closed for Thanksgiving. The CAD is the worst performing currency this morning in reaction to the OPEC decision to leave oil production quotas unchanged at 30 million barrels per day. Oil has fallen 5% to its lowest level in 4 years. Currently, the TSX is down 0.50% while the DJIA is up 0.07%. EURCAD is up 0.50% trading between 1.4026 and 1.4153. GBPCAD is up 0.40% trading between 1.7692 and 1.7847. JPYCAD is up 0.65% trading between 0.00955 and 0.00962. Gold is down 0.30% trading between $1,186 and $1,200USD/oz, silver is down 1.54% trading between $16.17 and $16.56USD/oz, while oil is down 5%, trading between $73.54 and $70.15.

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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