VBCE Daily Foreign Exchange Update for Friday, Nov. 28th, 2014

USDCAD spot rate: 1.1413 - 1.1418 (AS AT 8:47AM PST)

RANGES:	Asia:	1.1325	to	1.1355
	Europe:	1.1342	to	1.1392
	North America:	1.1359	to	1.1444

Technical Support / Resistance:

S2	S1	R1	R2
1.1230	1.1315	1.1444	1.1465

Key Economic Data Releases:

-Canada GDP annualized: 2.8% (exp. 2.1%) m/m: 0.4% (exp. 0.4%)

-Canada raw materials price index: -4.3% (exp. -2.5%)

-Canada industrial product price index: -0.5% (exp. -0.4%)

Key Event Calendar:

DATE	CANADA	U.S.A.
Dec. 1	RBC manufacturing PMI	Markit mfg PMI, ISM mfg
Dec. 2		Construction spending
Dec. 3	Bank of Canada interest rate	ADP employment change, Markit services
		PMI, ISM non-manufacturing PMI
Dec. 4	Ivey PMI	Initial jobless claims
Dec. 5	Int’l merchandise trade, employment	Trade balance
	change, Unemployment rate	Non-farm payrolls, unemployment rate

Yesterday, USDCAD traded from 1.1234 up to 1.1354 before falling to 1.1330. The CAD was the worst performing currency in reaction to the OPEC decision to leave oil production quotas unchanged at 30 million barrels per day. Oil dropped more than 6% to its lowest level in 4 years. USDCAD climbed to 1.1392 overnight before falling to 1.1359 after Canadian GDP was stronger than expected including a revision from 3.1% to 3.6% for the prior period. The pairing subsequently climbed to 1.1444, just shy of last month’s 5 year high of 1.1465. As thin market conditions persist with U.S. Black Friday, USDCAD has fallen to 1.1400 a couple of times and bounced to 1.1425. Currently, the TSX is down 0.44% while the DJIA is up 0.29%. EURCAD is up 0.50% trading between 1.4121 and 1.4269. GBPCAD is up 0.20% trading between 1.7822 and 1.7933. JPYCAD is up 0.20% trading between 0.00960 and 0.00965. Gold is down 1.54% trading between $1,177 and $1,191USD/oz, silver is down 5.64% trading between $15.65 and $16.27USD/oz, while oil is unchanged, trading between $67.91 and $69.59.

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.

 

Copyright © VBCE, All rights reserved.

---

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