Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 17, 2020

USDCAD spot rate: 1.3555 - 1.3260 (as at 8:10am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canadian CPI: 0.3% (exp 0.7% / prev -0.7%)

- U.S. housing starts:0.974M (exp 1.095M / prev 0.934M)

- U.S. building permits: 1.22M (exp 1.228M / prev 1.066M)

Event Calendar:

The USD/CAD pair is trading in a relatively tight range on Wednesday and struggles to determine its next short-term direction. The data published by Statistics Canada showed on Wednesday that inflation in Canada, as measured by the Consumer Price Index (CPI), edged lower to -0.4% on a yearly basis in May from -0.2% in April. Moreover, the annual core CPI fell to 0.7% and missed the market expectation of 1.4%. Nevertheless, these figures had little to no impact on the CAD's performance. On the other hand, the US Census Bureau announced Housing Starts and Building Permits increased by 4.3% and 14.4%, respectively, in May. The US Dollar Index ignored this data and continues to post modest daily gains near 97.10. Later in the day, Jerome Powell, Chairman of the Federal Reserve System, will be testifying before the Senate on the second day of the semi-annual monetary policy report. Meanwhile, crude oil is also staying relatively quiet on Wednesday, failing to provide a directional clue to the commodity-related CAD. The US Energy Information Administration's weekly crude oil stock report could be the next catalyst for the WTI. The TSX is down 0.25% and the DJIA is up 0.13%. EURCAD is down 0.23% trading between 1.5190 and 1.5279. GBPCAD is down 0.20% trading between 1.6966 and 1.7035. JPYCAD is up 0.35% trading between 0.01257 and 0.01267. Gold is up 0.04% trading between $1,712 - $1,729USD/oz. Silver is up 0.22% trading between $17.33 - $17.56. Oil (WTI crude) is down 0.62% trading between $37.23 - $38.70.