Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 31, 2020


USDCAD spot rate: 1.3222 - 1.3227 (as at 8:10am PST)

Ranges:

Asia:

1.3195

to

1.3215

Europe:

1.3202

To

1.3244

North America:

1.3220

to

1.3240

Technical Support / Resistance:

S2

S1

R1

R2

1.3150

1.3190

1.3240

1.3270

Key Economic Data Releases:

- Canada GDP (Nov): 0.1% (exp 0% prev -0.1%)

- U.S. personal income: 0.2% (exp 0.3% prev 0.4%) spending: 0.3% (exp 0.3% prev 0.4%)

- U.S. Core personal consumption expenditure price index m/m: 0.2% (exp 0.1% prev 0.1%)

- U.S. Core PCE price index y/y: 1.6% (exp 1.6% prev 1.5%)

- U.S. Chicago purchasing managers index: 42.9 (exp 48.8 prev 48.2)

- U.S. consumer sentiment index: 99.8 (exp 99.1 prev 99.1)

Event Calendar:

Date

Canada

U.S.A.

Feb. 3

Feb. 4

Feb. 5

Feb. 6

Feb. 7

Markit manufacturing PMI

Int'l merchandise trade

Net employment change, unemployment rate, Avg. hourly wages, Ivey PMI

Markit / ISM manufacturing PMI

Factory orders

ADP employment change, trade balance

Non-farm payrolls, unemployment rate, Avg. hourly earnings

Yesterday, USDCAD climbed from 1.3195 up to 1.3228 before falling to 1.3190. U.S. 4th quarter GDP data was as expected while the DJIA staged a late recovery with a 400pts swing to finish in positive territory. Oil prices also enjoyed a 3% surge in later trade. Overnight, USDCAD climbed for the 5th out of 6 days towards a 7 week high at 1.3244. Canadian GDP came in a touch better than expected sending USDCAD down to 1.3220. The pairing has since re-tested 1.3235 as risk aversion flows take hold with the DJIA down 400+ pts and oil prices near 1 year lows. With businesses closing in China and travel coming to a halt, there is diminished demand for oil and other commodities. The commodity bloc (CAD, AUD, NZD) have been the worst performing currencies these past 3 weeks after a strong finish to 2019. Currently, the TSX and the DJIA are down 1.50% and 0.88% respectively – near 3 week lows. EURCAD is up 0.57% trading between 1.4552 and 1.4639 – near 6 week highs. GBPCAD is up 0.83% trading between 1.7247 and 1.7421 – also near 6 week highs. JPYCAD is up 0.66% trading between 0.01209 and 0.01218 – near 7 week highs. Gold is up 0.75% trading between $1,571 and $1,589USD/oz – near 7 year highs. Silver is up 1% trading between $17.79 and $18.08. Oil (WTI crude) is down 2.20% trading between $51.52 and $53.58 – near 1 year lows. Since trading near $66 / 14 month highs on Jan. 8, oil prices have fallen by 22%.

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