Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 29, 2019

USDCAD spot rate: 1.3280 - 1.3285 (as at 7:58am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada GDP (Sept): 0.1% (exp 0.1% / prev 0.1%)

- Canada GDP Q3 annualized: 1.3% (exp 1.2% / prev 3.5%)

- Canada raw materials price index: -1.9% (exp 1.2% / prev 0%)

- Canada industrial product price index: 0.1% (exp 0% / prev -0.1%)

Event Calendar:

Yesterday, USDCAD held an uneventful 1.3280 – 1.3298 range. Over the past 2 weeks, USDCAD has been testing 6 week highs although there has been very little momentum / follow-through above 1.3300 with the pair holding a 1.3254 – 1.3328 range. USDCAD climbed briefly above 1.33 this morning ahead of the Canadian GDP report. The monthly data was as expected while the quarterly data was marginally better sending USDCAD from 1.3309 down to 1.3287. From there the pairing climbed to 1.3314 but has since fallen to intra-day lows at 1.3277 on broad-based month-end USD selling. The USD index had climbed to a 6 week high earlier this morning but has since fallen to a 1 week low. The CAD has held up reasonably well this morning despite a near 4% plunge in oil prices on comments from Russia's Energy Minister ahead of next week's OPEC meeting where it is widely expected that oil production cuts will be extended. Currently, the TSX and the DJIA are unchanged holding near historical highs. EURCAD is unchanged trading between 1.4600 and 1.4643 – near 2 week lows but within 1.5 cents of a 3 month high. GBPCAD is unchanged trading between 1.7116 and 1.7185 – near 6 month highs. JPYCAD is unchanged trading between 0.01211 and 0.01214 – near a 3 week low. Gold is up 0.40% trading between $1,453 and $1,463USD/oz while silver is up 0.15% trading between $16.85 and $17.00 – both near 1 week highs. Oil (WTI crude) has fallen from 2 month highs towards an 8 day low - down 3.65% trading between $56.12 and $58.25.