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)

Ranges:

Asia:

1.3247

to

1.3286

Europe:

1.3280

To

1.3307

North America:

1.3252

to

1.3292

Technical Support / Resistance:

S2

S1

R1

R2

1.3190

1.3221

1.3327

1.3375

Key Economic Data Releases:

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

Event Calendar:

Date

Canada

U.S.A.

Feb. 25

Feb. 26

Feb. 27

Feb. 28

BOC Lane speech

GDP Q4

Housing price index, consumer confidence

New home sales, crude oil stocks change

Durable goods orders, GDP Q4

Personal income/spending, Core PCE price index, Chicago PMI, consumer sentiment index

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.

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