Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 18, 2020

USDCAD spot rate: 1.3175 - 1.3180 (as at 8:13am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada retail sales: 0.6% exp 1% prev 22.7% ex autos: -0.4% exp 0.5% prev 15.5%

- U.S. consumer sentiment index: 78.9 exp 75 prev 74.1

Event Calendar:

Yesterday, USDCAD initially climbed from 1.3170 up to 1.3247 – just shy of the 1 month high (1.3260) tested last week - before falling back to 1.3180. Another rally stalled at 1.3230 with subsequent rallies stalling at 1.3220. The rate dropped back to 1.3150/55 in late trade on broad USD weakness as equity markets pared losses and oil prices climbed 4%. The DJIA had opened the day down nearly 400 pts before swinging back into positive territory. The USD broadly weakened during the Asian session with USDCAD falling to 1.3137 before moving back to 1.3170. Canadian retail sales data for July came in lower than expected sending USDCAD back higher to test 1.3200. Equity markets, which have been very volatile these past few sessions have trimmed earlier losses sending the USD broadly lower vs the other majors and USDCAD down to 1.3175 accordingly. Currently, the TSX and the DJIA are relatively flat. EURCAD is up 0.25% trading between 1.5578 and 1.5648 - near 1 month highs. GBPCAD is unchanged near 1 week highs trading between 1.7021 and 1.7121 having recovered from near 5 month lows earlier this week. JPYCAD is up 0.55% trading between 0.01253 and 0.01264 – near 7 week highs. Gold is up 0.5% trading between $1,943 - $1,956USD/oz. Silver is down 0.22% trading between $26.69 - $27.23. Oil (WTI crude) is up 0.80% trading between $40.36 - $41.50 – near 2 week highs. After hitting 3 month lows last week, oil prices have rallied nearly 15% this week.