Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 24, 2020


USDCAD spot rate: 1.3138 - 1.3143 (as at 8:16am PST)

Ranges:

Asia:

1.3124

to

1.3134

Europe:

1.3121

To

1.3143

North America:

1.3118

to

1.3143

Technical Support / Resistance:

S2

S1

R1

R2

1.3080

1.3117

1.3170

1.3230

Key Economic Data Releases:

- Canada retail sales: 0.9% (exp 0.4% prev -1.1%) ex autos: 0.2% (exp 0.4% prev -0.4%)

- U.S. Markit manufacturing PMI: 51.7 (exp 52.5 / prev 52.4)

- U.S. Markit services PMI: 53.2 (exp 52.9 prev 52.8)

Event Calendar:

Date

Canada

U.S.A.

Jan. 27

Jan. 28

Jan. 29

Jan. 30

Jan. 31

GDP (Nov)

New home sales

Durable goods orders

Fed interest rate decision

GDP Q4, GDP price index

Yesterday, USDCAD climbed from 1.3142 up to 1.3172 before falling to 1.3122 and held near session lows during the NA afternoon session. The move effectively retraced nearly 50% of Wednesday's post Bank of Canada move higher. The CAD was the worst performing currency Wednesday but was the best performing currency on Thursday. The EURO was the worst preforming currency losing 1 cent to the CAD on dovish European Central Bank comments. Chairman Lagarde did not offer up any hint of a shift to positive interest rates. The ECB deposit rate was kept unchanged at -0.5%. The CAD was the best performing currency overnight along with the NZD as equity markets shrugged off coronavirus concerns sending USDCAD from 1.3143 down to 1.3121. Canadian retail sales data showed improvement but CAD gains were marginal. Over the past few hours, oil prices have reversed course from gains to losses as have equity markets. Risk aversion flows have buoyed the JPY and USD with both pairings near session highs. USDCAD has climbed from session lows @ 1.3118 up to session highs @ 1.3150 accordingly. Currently, the TSX and the DJIA have erased earlier gains and are down 0.30% and 0.22% respectively. EURCAD is down 0.15% trading between 1.4479 and 1.4521 – very close to a 3 year low. GBPCAD is down 0.25% trading between 1.7158 and 1.7286 – near a 1 month high. JPYCAD is up 0.25% trading between 0.01196 and 0.01202 – near a 1 month high. Gold is up 0.65% trading between $1,556 and $1,575USD/oz – near 7 year highs. Silver is up 1.4% trading between $17.75 and $18.08. Oil (WTI crude) is down 2.50% trading between $53.92 and $55.96 – near 3 month lows. Since trading near $66 / 14 month highs on Jan. 8, oil prices have fallen by 18%.

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