Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 7, 2020


USDCAD spot rate: 1.3277 - 1.3282 (as at 8:25am PST)

Ranges:

Asia:

1.3287

to

1.3340

Europe:

1.3269

To

1.3310

North America:

1.3271

to

1.3287

Technical Support / Resistance:

S2

S1

R1

R2

1.3200

1.3254

1.3353

1.3420

Key Economic Data Releases:

- Canadian Ivey PMI: 54.3 / prev 67.8

- U.S. FOMC minutes: 11am

Event Calendar:

Date

Canada

U.S.A.

Oct 8

Oct 9

BOC Macklem speech

Net employment change, unemployment rate

Jobless claims

After climbing to a fresh weekly high of 1.3341 in the early trading hours of the European session, the USD/CAD pair lost its traction amid renewed USD weakness and rising crude oil prices. As of writing, the pair was trading at 1.3280, losing 0.3% on a daily basis. The broad-based USD strength after US President Donald Trump's decision to halt stimulus talks until after the election caused the pair to turn north late on Tuesday. However, with the market sentiment improving on hopes President Trump sending stimulus checks to American families and providing aid to airlines, the greenback started to weaken against its rivals. At the moment, the USD Dollar Index, which touched a daily high of 93.90 earlier in the day, is down 0.28% on the day at 93.59. Meanwhile, investors will be keeping a close on Wall Street's performance. A negative shift in risk sentiment could provide a boost to the USD and cause USD/CAD to turn north in the second half of the day. Currently, the TSX is up 1.36% and the DJIA is up 1.61%. EURCAD is down 0.03% trading between 1.5606 and 1.5660. GBPCAD is down 0.16% trading between 1.7057 and 1.7190. JPYCAD is down 0.16% trading between 0.01251 and 0.01262. Gold is up0.27% trading between $1,872 - $1,897USD/oz while silver is up 2.08% trading between $23.18 - $23.97. Oil (WTI crude) is down 2.54% trading between $39.29 - $40.35.

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