Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver July 15, 2020

USDCAD spot rate: 1.3520 - 1.3525 (as at 8:30am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canadian Mfg sales: 10.7% (exp 9.5% / prev -27.9%)

- Bank of Canada interest rate decision: 0.25% (exp 0.25% / prev 0.25%)

- U.S. industrial production: 5.4% (exp 4.3% / prev 1.4%)

Event Calendar:

In a widely expected decision, the Bank of Canada on Wednesday announced that it left its key rate unchanged at 0.25% at its June policy meeting. In its rate statement, the BoC noted that its central scenario doesn't expect the Canadian economy to return to pre-COVID-19 levels until 2022. The USD/CAD pair showed little to no reaction at the time of the decision, but has since then drop to the low of the day trading at 1.3520. BoC scenario sees Canada 2020 Q4 real GDP falling by 6.8%; projects 2020 real GDP down 7.8%, up 5.1% in 2021 and up 3.7% in 2022. Canadian economic activity in Q2 2020 is estimated to have fallen about 15% below its level at the end of 2019; economy appears to have hit bottom in April. The TSX is up 1.35% while the DJIA is up 0.87%. EURCAD is down 0.42% trading between 1.5443 and 1.5544. GBPCAD is down 0.22% trading between 1.7048 and 1.7160. JPYCAD is down 0.19% trading between 0.01265 and 0.01271. Gold is down 0.15% trading between $1,802 - $1,815USD/oz. Silver is down 0.06% trading between $19.13 - $19.38. Oil (WTI crude) is up 1.08% trading between $40.09 - $40.99.