USDCAD spot rate: 1.1390 - 1.1395 (AS AT 8:50AM PST)
|
RANGES:
|
Asia:
|
1.1343
|
to
|
1.1375
|
|
|
Europe:
|
1.1341
|
to
|
1.1394
|
|
|
North America:
|
1.1388
|
to
|
1.1425
|
Technical Support / Resistance:
|
S2
|
S1
|
R1
|
R2
|
|
1.1296
|
1.1384
|
1.1425
|
1.1440
|
Key Economic Data Releases:
-Canada International merchandise trade: $0.71
billion (exp. -$0.10 billion)
-U.S.
trade balance: -$43.03 billion (exp.
-$40 billion)
-U.S.
factory orders: -0.6% (exp. -0.6%)
Key Event Calendar:
|
DATE
|
CANADA
|
U.S.A.
|
|
|
|
|
|
Nov. 5
|
Housing starts
|
ADP employment change, Markit services
|
|
|
|
PMI, ISM non-manufacturing PMI
|
|
Nov. 6
|
Building permits, Ivey PMI
|
Initial jobless claims
|
|
Nov. 7
|
Net employment change,
|
Non-farm payrolls, unemployment rate
|
|
|
unemployment rate
|
Participation rate
|
Yesterday, USDCAD traded from 1.1268 up to 1.1377, just shy
of the 5 year high of 1.1384 seen in early October. Comments by the Bank of
Canada Governor Poloz were dovish citing that “labor conditions point to
material slack in Canadian economy; should take around 2 years to use up excess
slack.” This statement can be interpreted as saying the Bank is in no hurry to
raise interest rates. After trading to 1.1377, USDCAD pulled back to 1.1357.
Overnight, USDCAD dipped to 1.1341 but climbed to 1.1394 as oil prices tumbled
to a 3 year low as Saudi Arabia cut its oil prices on exports to the United
States. Despite a surprise trade surplus in Canada and a wider than expected
deficit in the U.S., USDCAD climbed to 1.1425 before pulling back to 1.1395.
Another run higher stalled at 1.1425 and the pairing has gain slipped lower,
this time to 1.1388. Currently, the TSX and the DJIA are down 1.21% and 0.30%
respectively. EURCAD is up 1% trading between 1.4175 and 1.4343. GBPCAD is up
0.60% trading between 1.8136 and 1.8288. JPYCAD is up 1% trading between
0.00995 and 0.01006. Gold is up 0.30% trading between $1,164 and $1,175USD/oz,
silver down 1% trading between $15.94 and $16.19USD/oz, while oil is down 3%,
trading between $75.94 and $78.38.
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
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any currency or precious metals. Past performance is not a guide to future
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