Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 27, 2020

USDCAD spot rate: 1.3790 - 1.3795 (as at 8:52am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. Richmond fed mgf index: -27 (exp -47 / prev -53)

Event Calendar:

The USD/CAD pair fell to its lowest level in more than two months at 1.3725 on Wednesday and staged a decisive recovery in the second half of the day. The selling pressure surrounding crude oil prices on Wednesday seems to be weighing on the commodity-sensitive loonie. Despite easing energy demand concerns, heightened US-China tensions cause crude oil to push lower. Meanwhile, Bank of Canada Governor Stephen Poloz said if the fiscal policy is not utilized, extreme conditions that warrant negative interest rates could be experienced. On the other hand, the souring market sentiment, as reflected by falling US Treasury bond yields and uninspiring performance of US stocks, help USD find demand as a safe-haven. The US Dollar Index, which slumped to its lowest level in more than three weeks at 98.72 earlier in the day, reversed its direction and was last seen gaining 0.18% on the day at 99.20. There won't be any macroeconomic data releases in the remainder of the session and investors will be keeping a close eye on the Federal Reserve's Beige Book. Currently, the TSX is down 0.92% while the DJIA is up 0.76%. EURCAD is up 0.02% trading between 1.5051 and 1.5199. GBP is down 0.87% trading between 1.6845 and 1.7009. JPY is down 0.23% trading between 0.01273 and 0.01284. Gold is down 0.60% trading between $1,693 - $1,716USD/oz. Silver is down 0.23% trading between $16.84 - $17.27. Oil (WTI crude) is down 4.89% trading between $32.19 - $34.27.