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

USDCAD spot rate: 1.3275 - 1.3280 (as at 8:11am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canadian wholesale sakes: 0.9% (exp 0.5% / prev -1.1%)

Event Calendar:

The USD/CAD pair jumped to two-week tops, levels beyond the 1.3300 this morning, albeit quickly retreated few pips thereafter. Having shown some resilience below the very important 200-day SMA on Friday, the pair caught some fresh bids on the first day of a new trading week and was being supported by a combination of factors. Fears that the deadly coronavirus is spreading outside of China and might hurt global growth triggered a fresh wave of the global risk-aversion trade, which was evident from a sea of red across equities. The global flight to safety turned out to be one of the key factors that provided a strong boost to the US dollar's perceived safe-haven status and drove the pair higher through the mid-European session on Monday. Meanwhile, the outbreak concerns weighed heavily on crude oil prices, now down over 4% for the day, which undermined demand for the commodity-linked currency, the loonie, and remained supportive. However, the risk-off mood-led slump in the US Treasury bond yields seemed to keep a lid on any strong follow-through USD buying and might eventually cap gains for the major, at least for the time being. Currently, the TSX is down 1.78% and the DJIA is down 2.77%. EURCAD is up 0.43% trading between 1.4321 and 1.4408. GBPCAD is up 0.04% trading between 1.7120 and 1.7202. JPYCAD is up 0.11% trading between 0.01186 and 0.01198. Gold is up 1.93% trading between $1,643 and $1,689USD/oz. Silver is up 1.76% trading between $18.47 and $18.90. Oil (WTI crude) is down 4.70% trading between $50.74 and $52.29.