VBCE Daily Foreign Exchange Update for Monday, Dec. 8th, 2014

USDCAD spot rate: 1.1447 - 1.1452 (AS AT 8:02AM PST)

RANGES:	Asia:	1.1436	to	1.1449
	Europe:	1.1432	to	1.1448
	North America:	1.1430	to	1.1468

Technical Support / Resistance:

S2	S1	R1	R2
1.1230	1.1315	1.1465	1.1549

Key Economic Data Releases:

-Canadian housing starts: 195,600 (exp. 194,600)

-Canadian building permits: 0.7% (exp. 2.1%)

Key Event Calendar:

DATE	CANADA	U.S.A.
Dec. 9		Wholesale inventories
Dec. 10
Dec. 11	Capacity utilization, new house price	Retail sales, initial jobless claims
Dec. 12		Producer price index, consumer sentiment

On Friday, USDCAD traded from 1.1378 up to 1.1471/76 before easing back to 1.1415/20. The headline Canadian job number missed estimates (-10,700 vs. exp. +5,000) while the U.S. added nearly 100,000 more jobs than the market expected including an upward revision (+29,000) to the previous month. USDCAD held a narrow 1.1432 – 1.1449 range overnight but has climbed to 1.1463/68 after a 2.70% fall in oil prices this morning. The pairing has since eased lower towards 1.1445/50. The CAD is the worst performing currency today while the JPY is the best performing currency. The JPY was the worst performing currency last week but typically benefits from a weaker equity market performance which is occurring today after 7 straight weeks of gains. Currently, the TSX and the DJIA are down 1.85% and 0.11% respectively. EURCAD is up 0.25% trading between 1.4008 and 1.4100. GBPCAD is up 0.50% trading between 1.7800 and 1.7925. JPYCAD is up 0.60% trading between 0.00939 and 0.00950. Gold is up 0.13% trading between $1,187 and $1,198USD/oz, silver is up 0.32% trading between $16.16 and $16.38USD/oz, while oil is down 2.70%, trading between $63.66 and $65.60.

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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