Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver August 16, 2019

USDCAD spot rate: 1.3295 - 1.3300 (as at 7:53am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Foreign portfolio investment in Canadian securities: -$3.98 billion (prev $10.28b)

- Canadian portfolio investment in foreign securities: $6.61 billion (prev $4.12b)

- U.S. housing starts m/m: 1.191m (exp 1.257m / prev 1.241m)

- U.S. housing starts % change: -4.0% (exp -1.7% / prev -1.8%)

- U.S. building permits m/m: 1.336m (exp 1.270m / prev 1.232m)

- U.S. building permits % change: 8.4% (exp 5.6% / -5.2%)

- U.S. consumer sentiment index: 92.1 (exp 97.2 /prev 98.4)

Event Calendar:

Yesterday, USDCAD dipped from 1.3320 down to 1.3285 before climbing to 1.3339 – briefly gaining on Wednesday's high of 1.3326 but short of the August high of 1.3345. After 3 attempts to break above 1.3339, the pairing eased lower towards 1.3309 to finish the day unchanged. Global equity markets have stabilized today and are on the rise causing broad JPY and USD weakness. USDCAD has fallen from 1.3325 down to 1.3285 – matching yesterday's low. Earlier this morning an OPEC report suggested a "somewhat bearish" outlook for oil markets over the balance of this year. Oil prices (WTI) saw a quick 2.5% drop to session lows but prices have bounced back into positive territory. USDCAD bounced to 1.3310 before declining back towards 1.3289. Currently, the TSX and the DJIA are up 0.70% and 1% respectively. The DJIA has recovered nearly 700pts from yesterday's two and half month low. EURCAD is down 0.17% trading between 1.4712 and 1.4806 – near 2 year lows. GBPCAD is up 0.41% trading between 1.6076 and 1.6195 – near 2 week highs. JPYCAD is down 0.30% trading between 0.01247 and 0.01256 – near 3 year highs. Gold is down 1% - still near 6 year highs trading between $1,506 and $1,528USD/oz while oil (WTI crude) is up 0.17% trading between $54.21 and $55.60.