Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 8, 2020

USDCAD spot rate: 1.3392 - 1.3297 (as at 8:07am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada housing starts: 193.5k (exp 150k / prev 166.5k)

Event Calendar:

U.S. stocks rose as easing lockdowns bolstered economic optimism. Oil slumped. The S&P 500 extended a rally from this year's low to more than 40% and is on track to erase this year's losses. The Dow Jones Industrial Average outpaced major benchmarks. Treasuries rebounded, while the dollar headed for its longest losing run in almost a decade. Traders were cautiously optimistic as many parts of the country came out of the shutdowns that brought the world's largest economy to a standstill. Stan Druckenmiller, who last month warned about owning stocks, said on Monday that he now believes he was "far too cautious" during the current market rally. To Citigroup's strategists including Tobias Levkovich, positioning may be overly extended, and investors may not be factoring all the potential risks. The dollar fell back to the level before the coronavirus crisis sparked a rush to haven assets. Where it goes from here mostly depends on the Federal Reserve, which will probably welcome all signs of recovery in its statement at the conclusion of this week's meeting. But policy makers may be wary of an unruly increase in borrowing costs that could add to strains on businesses and households, and raise the price tag of the government's rescue efforts. The TSX is up 0.22%and the DJIA is up 0.79%.. EURCAD is down 0.13% trading between 1.5098 and 1.5176. GBPCAD is down 0.01% trading between 1.6922 and 1.7066. JPYCAD is up 0.63% trading between 0.01221 and 0.01233. Gold is up 0.60% trading between $1,677 - $1,697USD/oz. Silver is up 1.06% trading between $17.29 - $17.74. Oil (WTI crude) is down 2.94% trading between $37.99 - $40.36.