Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 29, 2020

USDCAD spot rate: 1.3203 - 1.3208 (as at 8:18am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. Fed interest rate decision: 11am

Event Calendar:

After rising to its highest level in more than a month at 1.3206 on Tuesday, the USD/CAD pair lost its traction and closed the day yesterday in the negative territory as the decisive recovery witnessed in crude oil prices helped the commodity-sensitive CAD find demand. With the market action turning subdued ahead of the FOMC's monetary policy announcements, the pair is consolidation Tuesday's losses and was last seen trading at session high of 1.3208. The barrel of West Texas Intermediate, which erased nearly 8% in the last 10 days on heightened fears over the negative effect of the coronavirus on oil demand, rose more than 2% on Tuesday and has been moving sideways near $54 since the start of the day on Wednesday. Later in the day, the FOMC will release its policy statement and Chairman Jerome Powell will be delivering his comments on the policy outlook in a press conference. Previewing this event, it is too early for the Fed to react to the recent sell-off. During the Q&A session at the press conference starting 11:30am, Powell is likely to be asked about his views on the recent development but we expect him to state that it is one of the risks the Fed is monitoring, in other words, the Fed is probably not going to strike a dovish tone given the labour market continues to tighten and private consumption growth remains solid. Currently, the TSX is up 0.12% and the DJIA is up 0.50%. EURCAD is up 0.11% trading between 1.4476 and 1.4531. GBPCAD is up 0.12% trading between 1.7122 and 1.7175. JPYCAD is up 0.26% trading between 0.01204 and 0.01210. Gold is up 0.12% trading between $1,563 and $1,574USD/oz. Silver is down 0.03% trading between $17.38 and $17.53. Oil (WTI crude) is down 0.37% trading between $52.99 and $54.35.