Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 9, 2020


USDCAD spot rate: 1.3156 - 1.3161 (as at 8:30am PST)

Ranges:

Asia:

1.3217

to

1.3259

Europe:

1.3178

To

1.3239

North America:

1.3159

to

1.3205

Technical Support / Resistance:

S2

S1

R1

R2

1.3080

1.3123

1.3295

1.3340

Key Economic Data Releases:

- Canadian housing starts:262.4k (exp 220k / prev 245.4k)

- BOC interest rate: 0.25% (exp 0.25% / prev 0.25%)

Event Calendar:

Date

Canada

U.S.A.

Sept 10

Sept 11

Producer price index, jobless claims

Consumer price index


The USD/CAD pair extended its retracement slide from three-week tops and weakened further below the 1.3200 mark during the early North American session. The pair witnessed an intraday pullback from the 1.3260 area on the back of a strong rebound in crude oil prices, which tend to undermine the commodity-linked currency – the loonie. Adding to this, the emergence of some fresh selling around the USD exerted some additional downward pressure on the USD/CAD pair. The pair eroded a part of the previous day's strong positive move and remained depressed after the Bank of Canada, as was widely expected, left interest rates unchanged at 0.25%. The bank also continued with its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds. Meanwhile, language on the forward guidance was entirely unchanged and hence, did little to provide any meaningful impetus to the USD/CAD pair. Hence, it will be prudent to wait for some strong follow-through selling before confirming that the recent bounce from multi-month lows might have already run out of the steam and positioning for any further weakness. Currently, the TSX is up 1.34% while the DJIA is up 1.83%. EURCAD is down 0.17% trading between n 1.5541 and 1.5614. GBPCAD is down 0.34% trading between 1.7040 and 1.7172. JPYCAD is down 0.10% trading between 0.01238 and 0.01252. Gold is up 0.78% trading between $1,920 - $1,948USD/oz. Silver is up 0.91% trading between $26.40 - $26.96. Oil (WTI crude) is up 2.18% trading between $36.27 - $37.69.

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