Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 13, 2019

USDCAD spot rate: 1.3192 - 1.3197 (as at 8:13am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. retail sales: 0.2% (exp 0.5% / prev 0.4%) ex autos: 0.1% (exp 0.4% / prev 0.3%)

- U.S. retail sales control group: 0.1% (exp 0.3% / prev 0.3%)

Event Calendar:

Yesterday, USDCAD tested last week's lows @ 1.3160 before climbing to 1.3194. There were reports of a U.S. China trade deal (phase one) with a 50% roll back on $360 billion worth of tariffs. Equities and commodities markets cheered the news with all of the major currencies advancing while the USD and JPY saw broad declines. The moves continued late in the NA session as the UK election results filtered in. Once it was reported that the Conservatives had a majority (making the Brexit process easier) the GBP soared – GBPCAD climbed more than 5 cents on the day to trade at the highest level since April 2018. The JPY dropped towards the lowest level in 8 months. USDCAD broke below last week's low to 1.3150 – near a 6 week low. Today, reports suggest some confusion over the completion of the U.S. / China trade agreement. Trump did make an announcement this morning confirming phase one of a trade deal but a smaller portion of the tariffs are being rolled back. Yesterday's market / currency moves have partially reversed with USDCAD climbing back to 1.3200. Currently, the TSX and the DJIA are relatively unchanged - both near historical highs. EURCAD is unchanged trading between 1.4640 and 1.4747 – near 3.5 month highs. GBPCAD is up 1.50% trading between 1.7310 and 1.7794 – near a 20 month high. JPYCAD has rebounded from 8 month lows - up 0.75% trading between 0.01199 and 0.01206. Gold is up 0.20% trading between $1,462 and $1,475USD/oz – near 5 week highs, while silver is down 0.45% trading between $16.84 and $17.03. Oil (WTI crude) is up 0.50% trading between $59.26 and $60.46 – near 7 month highs.