Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 01,2020


VBCE Daily Foreign Exchange Update for Monday, June 1, 2020

USDCAD spot rate: 1.3600 - 1.3605 (as at 10:01am PST)

Ranges:

Asia:

1.3673

to

1.3782

Europe:

1.3665

To

1.3737

North America:

1.3584

to

1.3699

Technical Support / Resistance:

S2

S1

R1

R2

1.3500

1.3550

1.3820

1.3870

Key Economic Data Releases:

- Canada markit mfg PMI: 40.6 (exp / prev 33)

- U.S. ISM mfg PMI:43.1 (exp 43.6 / prev 41.5)

Event Calendar:

Date

Canada

U.S.A.

June 2

June 3

June 4

June 5

Bank of Canada interest rate

Int'l merchandise trade

employment change, unemployment rate, Ivey PMI

ADP employment, ISM non-manufacturing

Trade balance, initial jobless claims

Non-farm payrolls, unemployment rate

The USD/CAD pair fluctuated in a relatively tight range near 1.3700 before falling sharply during the American trading hours. As of writing, the pair was trading at its lowest level since March 9th at 1.3600, losing 1.10% on a daily basis. The broad selling pressure surrounding the greenback seems to be causing the pair to extends its slide on Monday. Despite ongoing protests and riots in the US, Wall Street's main indexes are posting modest gains to make it difficult for the greenback to attract investors as a safe-haven. At the moment, the US Dollar Index (DXY), which closed the last four days with losses, is down 0.4% on the day at 97.90. On the other hand, the Markit Manufacturing PMI in Canada rose to 40.6 in May from 33 in April to help the loonie gather strength. Moreover, Canada's Prime Minister Justin Trudeau announced on Monday that they will deliver C$2.2 billion in planned infrastructure funding for municipalities in lump-sum payment in June to provide an additional boost to the currency. Meanwhile, the ISM Manufacturing PMI in the US edged higher to 43.1 in May from 41.5 in April but fell slightly short of the market expectation of 43.6. Nevertheless, this reading had little to no impact on the USD's market valuation. The TSX is up 0.34% and the DJIA is up 0.27%. EURCAD is down 1.02% trading between 1.5110 and 1.5326. GBPCAD is down 0.34% trading between 1.6932 and 1.7032. JPYCAD is down 0.10% trading between 0.01262 and 0.01280 Gold is up 0.66% trading between $1,727 - $1,744USD/oz. Silver is up 2.63% trading between $17.83 - $18.37. Oil (WTI crude) is down 1.57% trading between $34.28 - $35.66.

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group

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