Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 29, 2020

USDCAD spot rate: 1.3825 - 1.3830 (as at 8:02am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada GDP (March): -7.2% exp -9% prev 0.1% Q1 annualized: -8.2% exp -10% prev 0.6%

- U.S. personal income: 10.5% exp -6.5% prev -2.2% spending: -13.6% exp -12.5% prev -6.9%

- U.S. Chicago purchasing managers index: 32.3 exp 40 prev 35.4

- U.S. Michigan consumer sentiment index: 72.3 exp 74 prev 73.7

Event Calendar:

Yesterday, USDCAD initially dropped from 1.3765 down to 1.3735, just shy of Wednesday's 10 week low of 1.3728 before climbing to 1.3789. The pairing then held a 1.3747 – 89 range for the balance of the session. Overnight, USDCAD climbed to 1.3794 before falling this morning to a fresh multi-week low @ 1.3715. The move was short-lived as softer equity markets, oil prices, and broad USD strength over the past 2 hours has taken USDCAD back up towards Tuesday's broken support zone @ 1.3830. The market appears to be taking profit into month-end as the CAD has rallied about 4 cents this month vs the USD. Also, Trump is holding a press conference later today and is expected to announce retaliatory measures against China. Yesterday, China passed a security bill on Hong Kong, threatening its long-standing independence. The TSX and the DJIA are down 0.45% and 1% respectively after testing 3 month highs earlier this week. EURCAD is up 0.50% trading between 1.5241 and 1.5331– near 1 month highs after having traded near 3 month lows earlier this week. GBPCAD has recovered from a 2 month low, up 0.50% trading between 1.6906 and 1.7049. JPYCAD holds near 3 month lows, unchanged on the day trading between 0.01277 and 0.01285. Gold is up 0.75% trading between $1,713 - $1,733USD/oz – near 7 year highs. Silver is up 2.50% holding between $17.26 - $17.82. Oil (WTI crude) continues to hold near 3 month highs, down 0.50% trading between $32.54 - $33.91.