Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver July 20, 2020

USDCAD spot rate: 1.3544 - 1.3549 (as at 8:20am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- No major data releases

Event Calendar:

The greenback remained on the defensive against its Canadian counterpart and pushed the USD/CAD pair to fresh daily lows, around mid-1.3500s in the last hour. The pair failed to capitalize on its early uptick to three-day tops, rather faced rejection near the 1.3600 mark amid the emergence of some fresh selling around the US dollar. The ever-increasing number of coronavirus cases in the US dampened prospects for a swift recovery for the domestic economy and kept exerting some pressure on the USD. The greenback was also pressured by a fresh leg down in the US Treasury bond yields, down around 3% for the day. This coupled with a slight recovery in the global risk sentiment – as depicted by a goodish bounce in the equity markets amid optimism over a potential COVID-19 vaccine – further dented the USD's relative safe-haven status. Meanwhile, a weaker tone surrounding crude oil prices, which tends to undermine the commodity-linked currency – the loonie, did little to impress bulls, albeit might help limit deeper losses. Hence, it will be prudent to wait for some strong follow-through selling before traders start positioning for a further near-term depreciating move. Currently, the TSX is up 0.15% and the DJIA down 0.17%. EURCAD is down 0.14% trading between 1.5462 and 1.5574. GBPCAD is up 0.31% trading between 1.7006 and 1.7149. JPYCAD is down 0.47% trading between 0.01263 and 0.01268. Gold is up 0.49% trading between $1,805 - $1,820USD/oz. Silver is up 2.62% trading between $19.25 - $19.83. Oil (WTI crude) is down 0.240% trading between $39.90 - $40.50.