Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver July 19, 2019


USDCAD spot rate: 1.3070 - 1.3075 (as at 7:27am PST)

Ranges:

Asia:

1.3016

to

1.3052

Europe:

1.3028

to

1.3046

North America:

1.3043

to

1.3110

Technical Support / Resistance:

S2

S1

R1

R2

1.2900

1.3016

1.3110

1.3140

Key Economic Data Releases:

- Canada retail sales: -0.1% (exp 0.3% / prev 0.2%) ex-autos: -0.3% (exp 0.4% / prev 0%)

- U.S. consumer sentiment index: 98.4% (exp 98.5 / prev 98.2)

Event Calendar:

Date

Canada

U.S.A.

July 22

July 23

July 24

July 25

July 26

Wholesale sales

House price index, existing home sales

Markit manufacturing / services PMI

Jobless claims, durable goods orders

GDP Q2, GDP price index


Yesterday, USDCAD initially declined from 1.3060 down to 1.3041 before climbing to 1.3095 – a 1 week high. The pairing then declined to 1.3016 in late trade – the lowest since Oct. 24, 2018. The broad USD declines came after several dovish comments made by NY Fed member Williams. The probability of a 50 basis point interest rate cut at the upcoming FOMC meeting jumped from 34% up to 59%. The New York Fed issued a statement overnight back-tracking some of the comments and the USD broadly recovered although USDCAD held near 1.3030 for much of the overnight session. Canadian retail sales for May came in weaker than expected sending USDCAD from 1.3050 up to 1.3110 – an 8 day high and a break above recent resistance at 1.3090/95. The move was short-lived with pair falling back to 1.3066 despite the USD holding its gains elsewhere. Currently, the TSX and the DJIA are up about 0.30% trading near historical highs. EURCAD is unchanged trading between 1.4647 and 1.4711 – trading near 2 year lows. GBPCAD is unchanged trading between 1.6312 and 1.6411 – near 2 year lows. JPYCAD is unchanged trading between 0.01209 and 0.01215 – near 3 month lows. Gold is down 0.80% near 6 year highs trading between $1,431 and $1,453USD/oz while oil (WTI crude) is down 0.20% trading between $55.51 and $56.49 – near 1 month lows after having hit 2 month highs earlier this week.

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