Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver August 24, 2020


VBCE Daily Foreign Exchange Update for Monday, August 24, 2020

USDCAD spot rate: 1.3211 - 1.3216 (as at 8:11am PST)

Ranges:

Asia:

1.3153

to

1.3187

Europe:

1.3134

To

1.3192

North America:

1.3191

to

1.3216

Technical Support / Resistance:

S2

S1

R1

R2

1.3075

1.3125

1.3230

1.3270

Key Economic Data Releases:

- No major data releases

Event Calendar:

Date

Canada

U.S.A.

Aug 25

Aug 26

Aug 27

Aug 28

GDP (June), GDP Q2

Housing price index, new home sales

Durable goods orders, crude oil stocks change

GDP (Q2), jobless claims, pending home sales

Personal income / spending

The USD/CAD pair dropped to its lowest level since January at 1.3134 on Monday but staged a decisive rebound during the American trading hours. As of writing, the pair was up 0.32% on a daily basis at 1.3212. Earlier in the day, the selling pressure surrounding the greenback helped USD/CAD gain traction. The US Dollar Index started the week on a weak note and fell to a daily low of 92.84 during the European session. In the absence of significant macroeconomic data releases, the risk-positive market environment made it difficult for the USD to find demand. However, the DXY pared its early losses and turned flat on the day above 93.00. Although the reason behind the USD strength was unclear, the fact that Wall Street's main indexes retreated from their opening levels suggests that the risk mood could be softening. At the moment, the index is posting small losses at 93.10. Meanwhile, after advancing to a daily high of $42.89, the barrel of West Texas Intermediate (WTI) erased a large portion of its gains and made it difficult for the commodity-related CAD to stay resilient against the USD. On Tuesday, Conference Board's Consumer Confidence Index and New Home Sales data will be featured in the US economic docket. Later in the day, Bank of Canada (BoC) Deputy Governor Lawrence Schembri is scheduled to deliver a speech. Currently, the TSX is up 0.58% while the DJIA is up 0.91%s. EURCAD is up 0.30% trading between 1.5520 and 1.5618. GBPCAD is down 0.01% trading between 1.7280 and 1.7213. JPYCAD is up 0.08% trading between 0.01242 and 0.01247. Gold is down 0.03% trading between $1,928 - $1,961USD/oz. Silver is down 0.82% trading between $26.25 - $27.24. Oil (WTI crude) is up 0.49% trading between $42.25 - $42.89.

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group

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