Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 18, 2019

USDCAD spot rate: 1.3131 - 1.3136 (as at 8:35am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- no key data

Event Calendar:

Yesterday, USDCAD dropped from 1.3212 down to 1.3130 (the lowest since late July) with bounces limited to 1.3148. The USD was broadly lower with the USD index falling towards a 2 month low. Canada's manufacturing data was stronger than expected while the ADP employment report included a large revision for August - from 49,000 up to 109,000 jobs. U.S. industrial production declined more than expected. Market expectations for a U.S. Fed rate cut on Oct. 30^th have surged from 67% up to 87% over the past week. Currencies have held fairly narrow ranges today with USDCAD confined to a 1.3131 – 1.3145 range. The major event is tomorrow's UK Parliament Brexit vote. The GBP has been soaring this week as PM Johnson has negotiated a deal with the EU. To pass, 320 votes are needed and reports indicate that without support from the DUP, it is expected to be a very close call. Former PM May's deal was rejected back in March with a vote of 286 for and 344 against. Another key event is the upcoming Federal Election on Monday – although the CAD has been unusually stable today. Currently, the TSX and the DJIA are down 0.15% and 0.35% respectively, still near historical highs. EURCAD is unchanged trading between 1.4604 and 1.4654 – near a 1 week high and within two cents of the 3 year low from Oct. 1^st. GBPCAD is unchanged trading between 1.6869 and 1.6970 – up 8 cents this week near 4 month highs. JPYCAD is unchanged trading between 0.01207 and 0.01211 – near 3 month lows. Gold is unchanged trading between $1,485 and $1,494USD/oz while silver is unchanged trading between $17.41 and $17.60 – both near 1 week highs. Oil (WTI crude) is unchanged trading between $53.85 and $54.73 – near 2 week highs.