USDCAD falls from 1.2442 down to 1.2310 - two week low on higher oil

VBCE Daily Foreign Exchange Update for Tuesday, June 9, 2015

USDCAD spot rate: 1.2325 - 1.2330 (AS AT 8:09AM PST)

RANGES:	Asia:	1.2380	to	1.2419
	Europe:	1.2378	to	1.2442
	North America:	1.2317	to	1.2382

Technical Support / Resistance:

S2	S1	R1	R2
1.2260	1.2317	1.2440	1.2563

Key Economic Data Releases:

- U.S. wholesale inventories: 0.4% (exp. 0.2%)

Key Event Calendar:

DATE	CANADA	U.S.A.
June 10		Business inventories, crude oil stocks change
June 11	New housing price index	Jobless claims, retail sales
June 12		Producer price index, consumer sentiment index

Yesterday, USDCAD climbed from 1.2430 to 1.2472 before falling to 1.2396 on better than expected Canadian housing data. The pairing then bounced to 1.2450 before falling to 1.2383. The move below 1.2400 was short-lived with USDCAD climbing back to 1.2415 late in the session. Overnight, USDCAD dipped to 1.2380 before climbing to 1.2442. The move higher was short-lived and USDCAD dropped to 1.2330 this morning in the absence of any key data. A minor bounce to 1.2355 has since been followed by a move to 1.2310 – a two week low. Oil is on the rise for the 2ND straight day after comments made by the Saudi Arabia Oil Ministry: “production rise is the result of increased global demand – not designed to compensate for low oil prices.” On Thursday, U.S. retail sales data is expected to rise by 1.1% after no gain the previous month. Currently, the TSX and the DJIA are up 0.16% and 0.12% respectively. EURCAD is down 1% trading between 1.3848 and 1.4055. GBPCAD is down 1%, trading between 1.8849 and 1.9055. JPYCAD is down 0.55% trading between 0.00991 and 0.00999. Gold is up 0.23% trading between $1,172 and $1,183USD/oz., silver is down 0.12% trading between $15.97 and $16.19USD/oz., while oil is up 3.5% trading between $58.25 and $60.20.