Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver July 12, 2019


VBCE Daily Foreign Exchange Update for Friday, July 12, 2019

USDCAD spot rate: 1.3047 - 1.3052 (as at 7:48am PST)

Ranges:

Asia:

1.3030

to

1.3070

Europe:

1.3017

to

1.3040

North America:

1.3027

to

1.3055

Technical Support / Resistance:

S2

S1

R1

R2

1.2900

1.3017

1.3090

1.3140

Key Economic Data Releases:

- U.S. producer price index m/m: 0.1% (exp 0% / prev 0.1%) y/y: 1/7% (exp 1.6% / prev 1.8%)

- U.S. PPI ex food & energy m/m: 0.3% (exp 0.2% / prev 0.2%) y/y: 2.3% (exp 2.2% / prev 2.3%)

Event Calendar:

Date

Canada

U.S.A.

July 15

July 16

July 17

July 18

July 19

CPI, manufacturing shipments

Retail sales

NY Empire state manufacturing index

Retail sales, industrial production

Housing starts, building permits

Jobless claims, Philly Fed mfg. survey

Consumer sentiment index

Yesterday, USDCAD moved from 1.3076 down to 1.3041 before briefly climbing to 1.3090. The pairing then declined to 1.3057 in late trade. Overnight, USDCAD dropped to 1.3017, the lowest rate since Oct. 24, 2018. The pairing has moved back up towards 1.3050 this morning. Overall, the USD is fairly stable today after having lost ground for much of this week. The USD has been the worst performing currency this week as dovish comments from Fed Chairman Powell earlier in the week have increased rate cut odds despite the fact that 10 year treasury yields have risen from 1.95% up to 2.15% over the past week towards 1 month highs. Probability of a 50 basis point rate cut by the Fed at the end of the month has risen from 5.4% up to 26.6% this week. Currently, the TSX is down 0.21% while the DJIA is up 0.45% hitting new historical highs. EURCAD is down 0.20% trading between 1.4651 and 1.4723 – trading near 2 year lows. GBPCAD is unchanged trading between 1.6316 and 1.6381 – near 2 year lows. JPYCAD is up 0.20% trading between 0.01201 and 0.01208 – near 3 month lows. Gold is up 0.16% near 6 year highs trading between $1,403 and $1,412USD/oz while oil (WTI crude) is down 0.25% trading between $60.01 and $60.80 – near 2 month highs. Over the past 5 weeks, oil prices have climbed 20%.

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

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