Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 26, 2020

USDCAD spot rate: 1.3815 - 1.3925 (as at 6:39am PST)

Technical Support / Resistance:

Key Economic Data Releases:

-U.S. Consumer Confidence at 7:00 am

Event Calendar:

Oil rose above $34 a barrel in New York on signs that demand for physical crude continues to recover.

Nigeria, whose millions of barrels of unsold crude were the epitome of the oil market's glut in recent weeks, lifted the selling price for its supplies in June from record lows. Algeria also hiked its official prices by almost $3 a barrel. The moves by the two OPEC nations show increasing confidence that they can sell their barrels at costlier levels, providing them some respite after being hammered by the coronavirus outbreak.

Oil has surged more than 80% this month as demand has picked up and output cuts have started to chip away at a massive oversupply. That has also led to a steady flattening in the futures curve -- a signal market supplies are growing tighter. Russia, a key member of the OPEC+ alliance that has pledged record output cuts, expects the market to balance in June or July. The CAD dollar is a big winner today up 1%

Currently, the TSX is up 1.08% while the DJIA is down 0.04%. EURCAD is up 0.17% trading between 1.5159 and 1.5236. GBP is up 0.07% trading between 1.7023 and 1.7113. JPY is down 0.80% trading between 0.01285 and 0.01297. Gold is down 019% trading between $1,720 - $1,735USD/oz. Silver is up 1.18% trading between $17.07 - $17.44. Oil (WTI crude) is up 2.24% trading between $33.76 - $34.60.