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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 19, 2020


USDCAD spot rate: 1.3582 - 1.3587 (as at 8:13am PST)

Ranges:

Asia:

1.3590

to

1.3615

Europe:

1.3570

To

1.3600

North America:

1.3547

to

1.3594

Technical Support / Resistance:

S2

S1

R1

R2

1.3460

1.3525

1.3620

1.3680

Key Economic Data Releases:

- Canada retail sales (Apr): -26.4% exp -15.1% prev -10% ex autos: -22% exp -13.5% prev -0.2%

- Canada retail sales (May preliminary): 19.1% prev -26.4%

Event Calendar:

Date

Canada

U.S.A.

June 22

June 23

June 24

June 25

June 26

BOC's Macklem speech

Existing home sales

Markit mfg index, new home sales

Crude oil stocks change, housing price index

GDP Q1, durable goods orders, jobless claims

Personal income/spending, consumer sentiment

Yesterday, USDCAD initially dropped from 1.3580 down to 1.3522 before climbing to hold a 1.3590 – 1.3615 range for much of the NA session. The pairing has been anchored near 1.3550 – 1.3600 for much of the week after the initial move from 1.3686 down to 1.3505 at the start of the week. Equity markets were strong overnight while oil prices climbed over 3% to re-test the June high / high dating back to early March. That prompted USDCAD to decline from session highs at 1.3615 down to session lows at 1.3547. Over the past few hours, equity market gains have been halved while oil prices have also retreated after failing to break the June high @ $40.60. Fed stimulus measures / cheap money and surging Covid-19 cases in the U.S. (notably California, Arizona, Texas, and Florida) and South America continue to influence market direction. Canadian retail sales data was also worse than expected and USDCAD has since climbed back to 1.3594. The USD and JPY have been the best performing currencies since the NA open – both recovering overnight losses. The GBP is the worst performing currency having fallen to levels not seen since mid-March and October of 2019. The TSX and the DJIA are both up roughly 0.60% – both near 1 week highs. EURCAD has fallen to a 10 day low - down 0.20% trading between 1.5152 and 1.5255. GBPCAD is down 0.70% trading between 1.6776 and 1.6928 – near 3 month lows. JPYCAD is unchanged near 3 week highs, trading between 0.01267 and 0.01273. Gold is up 1% trading between $1,721 - $1,741USD/oz – near a 7.5 year high. Silver is up 2% holding between $17.37 - $17.75. Oil (WTI crude) is up 3% trading between $38.94 - $40.59 – near 4 month highs.

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