VBCE Daily Foreign Exchange Update for Monday, Jan. 26, 2015

USDCAD holds 1.2420 - 1.2475 range
EURUSD climbs from 11 year low as Greece concerns subside after election results

USDCAD spot rate: 1.2427 - 1.2432 (AS AT 8:03AM PST)

RANGES:	Asia:	1.2420	to	1.2460
	Europe:	1.2435	to	1.2475
	North America:	1.2420	to	1.2460

Technical Support / Resistance:

S2	S1	R1	R2
1.2200	1.2314	1.2457	1.2504

Key Economic Data Releases:

-No key data

Key Event Calendar:

DATE	CANADA	U.S.A.
Jan. 27		Durable goods orders, Markit services PMI,
		consumer confidence, new home sales
Jan. 28		Fed interest rate decision
Jan. 29		Jobless claims, pending home sales
Jan. 30	GDP	GDP, consumer sentiment index

On Friday, USDCAD traded from 1.2360 up to 1.2457 ahead of the Canadian CPI and retail sales data. The pairing dropped to 1.2380 before bouncing to close the week at 1.2424. Risk aversion levels were elevated in early Asian trade as the market awaited the Greece election results. EURUSD dropped to an 11 year low of 1.1098 vs the USD but has since rebounded to 1.1291 as concerns about Greece exiting the Euro subsided. Most global equity markets are trending higher and the JPY is the worst performing currency today after having been the best performing currency last week. USDCAD climbed from 1.2420 up to 1.2475 overnight but the pairing has come full circle and now trades near session lows. There have been two bounces off of the 1.2420 level which appear to be stalling near the 1.2440 level. Currently, the TSX and the DJIA are relatively unchanged. EURCAD is up 0.50% trading between 1.3829 and 1.4044. GBPCAD is up 0.70% trading between 1.8595 and 1.8750. JPYCAD is down 0.50% trading between 0.01050 and 0.01062. Gold is down 1.20% trading between $1,276 and $1,299USD/oz, silver is down 2% trading between $17.87 and $18.47USD/oz, while oil is down 0.22%, trading between $44.38 and $46.09.

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive