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)

Ranges:

Asia:

1.3574

to

1.3600

Europe:

1.3550

To

1.3585

North America:

1.3534

to

1.3569

Technical Support / Resistance:

S2

S1

R1

R2

1.3460

1.3510

1.3625

1.3650

Key Economic Data Releases:

- No major data releases

Event Calendar:

Date

Canada

U.S.A.

July 21

July 22

July 23

July 24

Retail sales, new housing price index

CPI

Housing price index, existing home sales

Jobless claims

Markit manufacturing, new home sales


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.

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