Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver August 28, 2019

USDCAD spot rate: 1.3295 - 1.3300 (as at 8:01am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. EIA crude oil stocks: -10.027 million barrels (exp -2.112m / prev -2.732m)

Event Calendar:

Yesterday, USDCAD broke below recent support at 1.3250 trading down towards a 2 week low at 1.3224. The move lower completely reversed during the North American session as equity markets erased earlier gains with the DJIA giving up as much as 350pts. U.S. 10 year yields dropped towards new 3 year lows near 1.44%. USDCAD climbed all the way back to 1.3300 before settling near 1.3280. Despite a surge in oil prices, (API data out yesterday afternoon indicated an 11 million barrel draw) USDCAD pushed higher overnight towards 1.3318. EIA data this morning confirmed a significant 10 million barrel draw from inventories with oil prices now up nearly 7% on the week. USDCAD dropped back to 1.3287 but has moved back up towards 1.3300. The GBP is the worst performing currency on the day as UK PM Johnson looks to prorogue UK Parliament until Oct. 14^th. As the Brexit deadline is Oct 31, the move increases the odds of a "no-deal" Brexit. Tomorrow, U.S. Q2 GDP will be released with the market expecting a slight decline from 2.1% down to 2.0% on an annualized basis. On Friday Canada will release Q2 GDP expected in at 3.0% - up from 0.4% on a quarterly basis. Currently, the TSX and the DJIA are up 0.20% and 0.50% respectively. EURCAD is unchanged trading between 1.4723 and 1.4767 – near 2 year lows. GBPCAD is down 0.60% trading between 1.6175 and 1.6345 – down from 1 month highs. JPYCAD is down 0.15% trading between 0.01254 and 0.01260 – still holding near 3 year highs. Gold is down 0.38% - still near 6 year highs trading between $1,532 and $1,547USD/oz while oil (WTI crude) is up 1.10% trading between $55.26 and $56.59.