Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver August 23, 2019

USDCAD spot rate: 1.3285 - 1.3290 (as at 8:04am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada retail sales: 0% (exp -0.1% / prev -0.2%)

- Canada retail sales ex autos: 0.9% (exp 0% / prev -0.4%)

- U.S. new home sales: 0.635m (exp 0.649m / 0.728m)

- U.S. Fed Chairman Powell speech

Event Calendar:

Yesterday, USDCAD climbed from 1.3285 up to 1.3316 before falling back to 1.3275. A second attempt to break 1.3316 failed and the pairing settled near 1.3290 – unchanged on the day. The CAD weakened in early Asian trade on headlines that the European Union was banning some Canadian fruit imports. Markets moved into negative territory overnight as China announced further tariffs on U.S. goods while oil prices plunged 3.5% in minutes taking USDCAD up to 1.3339. The 1.3330 – 1.3345 area has been tested about 10 times these past few weeks and has not been breached since mid-June. Canadian retail sales came in better than expected sending USDCAD down to 1.3310. The pairing bounced back to 1.3330 before falling to session lows @ 1.3277 after U.S. Fed Chairman Powell's speech. He commented that the Fed "will act as appropriate to sustain the expansion" also noting that the economy faces "significant risks." Currently, the TSX and the DJIA are both up 0.25% - having recovered earlier losses. EURCAD is unchanged trading between 1.4717 and 1.4771 – near 2 year lows. GBPCAD is unchanged trading between 1.6237 and 1.6320 – near 1 month highs. JPYCAD is up 0.15% trading between 0.01247 and 0.01252 – near 3 year highs. Gold is up 1.40% - still near 6 year highs trading between $1,493 and $1,520USD/oz while oil (WTI crude) is down 1.40% trading between $53.37 and $55.54.