Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver February 28, 2020


USDCAD spot rate: 1.3410 - 1.3415 (as at 8:18am PST)

Ranges:

Asia:

1.3375

to

1.3448

Europe:

1.3434

To

1.3464

North America:

1.3413

to

1.3460

Technical Support / Resistance:

S2

S1

R1

R2

1.3315

1.3380

1.3460

1.3500

Key Economic Data Releases:

- Canada GDP Q4: 0.3% exp 0.3% prev 1.3%

- U.S. personal income: 0.6% exp 0.3% prev 0.1%

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

- U.S. core PCE price index y/y: 1.6% exp 1.7% prev 1.5%

- U.S. Chicago PMI: 49 exp 45.9 prev 42.9

- U.S. consumer sentiment index: 101 exp 100.9 prev 100.9

Event Calendar:

Date

Canada

U.S.A.

Mar. 2

Mar. 3

Mar. 4

Mar. 5

Mar. 6

Bank of Canada interest rate

Net employment change, unemployment rate, avg. hourly wages, int'l merchandise trade

Markit / Ism mfg. PMI

ADP employment change, ISM non-mfg index

Jobless claims, factory orders

Non-farm payrolls, unemployment rate, avg. hourly earnings, trade balance

Yesterday, USDCAD climbed from 1.3316 up to 1.3394, the highest since June 2019. Overnight, the global equity market selloff continued sending the USD and JPY broadly higher and the CAD, GBP, AUD, and NZD lower. USDCAD climbed quickly from 1.3375 to 1.3448 in Asian trade before extending to 1.3464 during the London session. Canadian Q4 GDP came in as expected and USDCAD declined to 1.3425. A second rally higher stalled at 1.3460 and the pairing has since declined to 1.3410. The World Health Organization has raised global risk from corona virus to "very high". Markets are now pricing in 3 interest rate cuts by both the Bank of Canada and the U.S. Fed for this year. Equity markets have had the worst week on record with the DJIA losing 14%. Currently, the TSX and the DJIA are down 4.30% and 3.20% respectively. EURCAD is up 0.20% trading between 1.4704 and 1.4869 – near 7 month highs (from 3 year lows 1 week ago). GBPCAD is down 0.60% trading between 1.7134 and 1.7377 – having fallen from near 1 month highs to 2 week lows. JPYCAD is up 2% trading between 0.01220 and 0.01243 – near 5 month highs (from 14 month lows 1 week ago). Gold is down 3% near 2 week lows (from near 7 year highs) trading between $1,571 and $1,650USD/oz. Silver is down 5% trading between $16.56 and $17.87 – near 7 month lows. Oil (WTI crude) is down 5% - (20% from last Friday) trading between $44.23 and $47.10 – near 15 month lows.

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