Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 23, 2020

USDCAD spot rate: 1.3145 - 1.3150 (as at 7:50am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. Markit manufacturing PMI: 53.3 exp 53.4 prev 53.2

Event Calendar:

Yesterday, USDCAD climbed from 1.3135 up to 1.3177 before falling back to 1.3123. The pairing then held near 1.3130/50 for the balance of the session. The CAD was the best performing currency while the USD was a close 2^nd with the USD index effectively climbing after testing a 7 week / Sept low. The USD broadly gained heading into last night's Presidential debate taking USDCAD up to 1.3158. As the London session got underway, equity markets improved marginally, Germany posted strong manufacturing data, and the USD broadly weakened with USDCAD falling to session lows at 1.3110. The trend has changed yet again this morning with the USD broadly gaining as equities give back overnight gains. Covid cases continue to push higher with both Italy and the U.S. posting record daily cases. Also, there have been several headlines related to a U.S. economic stimulus bill over the past few weeks and it appears that time is running out for anything to pass ahead of the election. USDCAD has climbed to fresh session highs at 1.3160. Subsequent pull-backs have been limited to 1.3142 thus far. Currently, the TSX and the DJIA are flat on the day holding near 2 week lows. EURCAD is up 0.20% trading between 1.5501 and 1.5556 - near 2 week highs. GBPCAD is down 0.30% from 6 week highs trading between 1.7126 and 1.7220. JPYCAD is up 0.15% trading between 0.01252 and 0.01256 – near a 2 week high. Gold is down 0.38% trading between $1,894 - $1,914USD/oz while silver is down 1% trading between $24.44 - $24.85 – both mid-range for the past few weeks. Oil (WTI crude) is down 0.50% from near 7 week highs trading between $40.40 - $40.98.