VBCE Daily Foreign Exchange Update for Tuesday, Dec. 23rd, 2014

USDCAD spot rate: 1.1620 - 1.1625 (AS AT 8:40AM PST)

RANGES:	Asia:	1.1610	to	1.1640
	Europe:	1.1616	to	1.1637
	North America:	1.1615	to	1.1667

Technical Support / Resistance:

S2	S1	R1	R2
1.1465	1.1567	1.1667	1.1700

Key Economic Data Releases:

-Canada GDP: 0.3% (exp. 0.1%)

-U.S. GDP (3RD quarter annualized): 5% (exp. 4.3%)

-U.S. durable goods orders: -0.7% (exp. 3.0%) ex transportation: -0.4% (exp. 1.0%)

-U.S. GDP price index: 1.4% (exp. 1.4%)

-U.S. housing price index: 0.6% (prev. 0.0%)

-U.S. new home sales: 0.438 million (exp. 0.472 million) % change: -1.6% (prev. 0.7%)

-U.S. consumer sentiment index: 93.6 (exp. 89.7)

-U.S. personal income: 0.4% (exp. 0.5%) personal spending: 0.6% (exp. 0.5%)

Key Event Calendar:

DATE	CANADA	U.S.A.
Dec. 24		Initial jobless claims
Dec. 25	Christmas Day	Christmas Day
Dec. 26	Boxing Day

Yesterday, USDCAD traded from 1.1579 up to 1.1646 before settling near 1.1630 for the balance of the session. The pairing dipped to 1.1610 overnight before moving up to 1.1630 ahead of the 5:30am Canadian and U.S. data releases. While the Canadian data was good, it was overshadowed by the strong U.S. 3RD quarter GDP sending USDCAD up to 1.1667 amidst broad-based USD strength. This technical level was tested for the 3RD time in the past week and the lack of follow-through has sent USDCAD back down to 1.1615/20. Currently, the TSX and the DJIA are up 1% and 0.45% respectively. EURCAD is down 0.40% trading between 1.4137 and 1.4237. GBPCAD is up 0.35% trading between 1.8090 and 1.8198. JPYCAD is unchanged trading between 0.00967 and 0.00972. Gold is down 0.79% trading between $1,185 and $1,203USD/oz, silver is down 0.20% trading between $15.64 and $16.16USD/oz, while oil is down 2.30%, trading between $55.49 and $58.50.