Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 22, 2020


USDCAD spot rate: 1.4025 - 1.4030 (as at 8:23am PST)

Ranges:

Asia:

1.3941

to

1.4016

Europe:

1.3998

To

1.4036

North America:

1.4003

to

1.4049

Technical Support / Resistance:

S2

S1

R1

R2

1.3900

1.3975

1.4050

1.4115

Key Economic Data Releases:

- Canada retail sales: -10% exp -10% prev 0.4% ex autos: -0.4% exp -5% prev 0.1%

Event Calendar:

Date

Canada

U.S.A.

May 25

May 26

May 27

May 28

May 29

Poloz speech

GDP

Memorial Day

New home sales, consumer confidence

Richmond Fed manufacturing index

GDP, durable goods orders, jobless claims

Personal income/spending, Chicago PMI, consumer sentiment index


Yesterday, USDCAD initially dropped from 1.3946 down to 1.3891 before climbing to 1.3971. The pairing held a 1.3930 – 60 range for the balance of the session. Risk aversion was elevated overnight as China reported it would pass a highly controversial national security law in Hong Kong – effectively reducing the autonomy in place since 1997. The Hang Seng index plunged nearly 6% towards a 2 month low. Oil prices also dropped over 6% taking WTI crude from a 3 month high towards a 1 week low. The USD and JPY were broadly bid approaching 1 week highs against most major currencies. USDCAD broke back above the 1.3970 resistance level which was broken on Monday when the pair dropped from 1.4117 down to 1.3930. USDCAD has traded to 1.4049 with pull-backs limited to 1.4020 thus far. Although North American equity markets have pared a large portion of overnight losses, the USD and JPY continue to hold their gains. Canada had the largest monthly drop in retail sales on record for March and April data is expected to be even worse. Currently, the TSX is flat while the DJIA is down 0.40% – both up more than 2% on the week. EURCAD is unchanged trading between 1.5261 and 1.5323– near 3 week highs. GBPCAD has recovered from a 2 month low, up 0.30% trading between 1.7039 and 1.7124. JPYCAD has recovered from near 2 month lows, up 0.65% trading between 0.01293 and 0.01306 – near a 1 week high. Gold is up 0.50% trading between $1,724 - $1,740USD/oz – near 7 year highs. Silver is up 0.60% holding between $16.72 - $17.25. Oil (WTI crude) has fallen from near 3 month highs, down 5% near 1 week lows trading between $31 - $34.

B90fe1ad36

Follow us




Follow us on Twitter @vbcefx


Disclaimer


The information and opinions contained herein are gathered from sources which are thought to be reliable but the reader should not assume that the information and opinions are official or final. VBCE makes no warranty concerning the accuracy of the information and opinions, and accepts no liability for the consequences of any actions taken on the basis of the information and opinions provided. The content is for general information only and does not constitute in anyway giving financial advice.