USDCAD spot rate: 1.1615 - 1.1620 (AS AT 8:14AM PST)
|
RANGES:
|
Asia:
|
1.1549
|
to
|
1.1606
|
|
|
Europe:
|
1.1557
|
to
|
1.1589
|
|
|
North America:
|
1.1586
|
to
|
1.1629
|
Technical Support / Resistance:
|
S2
|
S1
|
R1
|
R2
|
|
1.1400
|
1.1465
|
1.1627
|
1.1667
|
Key Economic Data Releases:
-U.S. industrial production: 1.3%
(exp. 0.7%)
-U.S. capacity utilization: 80.1%
(exp. 79.3%)
-U.S. NY Empire State
manufacturing index: -3.58 (exp. 12.0)
Key Event Calendar:
|
DATE
|
CANADA
|
U.S.A.
|
|
|
|
|
|
Dec. 16
|
Manufacturing shipments
|
Building permits, housing starts, Markit mfg
|
|
Dec. 17
|
Wholesale sales
|
CPI, Fed interest rate decision
|
|
Dec. 18
|
|
Jobless claims, Markit services PMI
|
|
Dec. 19
|
CPI, retail sales
|
|
On Friday, USDCAD traded from 1.1518 up to 1.1591 before
falling back to 1.1518. The move lower was short-lived and USDCAD subsequently
climbed to 1.1572 where it remained for the balance of the North American
session. Japan election results were announced yesterday and it was no surprise
that PM Abe won another term. Volatility in yen pairings combined with a jump in
oil due to port closures in Libya saw USDCAD climb to 1.1606 before falling to
1.1549. Oil has resumed its downtrend this morning and equity markets have
fallen into negative territory after initially trending higher on strong U.S.
industrial production data. USDCAD has broken above 1.1600 extending up to
1.1624/29 thus far – the highest level since July of 2009. Currently, the TSX
and the DJIA are down 0.18% and 0.19% respectively. EURCAD is unchanged trading
between 1.4371 and 1.4469. GBPCAD is down 0.20% trading between 1.8116 and
1.8250. JPYCAD is up 0.83% trading between 0.00973 and 0.00984. Gold is down
0.65% trading between $1,206 and $1,224USD/oz, silver is down 1% trading
between $16.77 and $17.05USD/oz, while oil is down 1.64%, trading between $56.28
and $58.70.
Sources: Reuters, Bloomberg, FXStreet,
RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive
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