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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 26, 2020


VBCE Daily Foreign Exchange Update for Monday, Oct. 26, 2020

USDCAD spot rate: 1.3205 - 1.3210 (as at 8:14am PST)

Ranges:

Asia:

1.3139

to

1.3179

Europe:

1.3168

To

1.3198

North America:

1.3178

to

1.3214

Technical Support / Resistance:

S2

S1

R1

R2

1.3080

1.3128

1.3206

1.3270

Key Economic Data Releases:

- U.S. new home sales: 0.959M (exp 1.025M / prev 0.994M)

Event Calendar:

Date

Canada

U.S.A.

Oct 27

Oct 28

Oct 29

Oct 30

BOC interest rate decision

Building permits

GDP (Aug)

Durable goods orders, housing price index

GDPQ3, jobless claims, pending home sales

Personal income / spending, Chicago PMI

After closing the previous week modestly lower, the USD/CAD pair staged a rebound on Monday and touched its highest level in a week at 1.3213. As of writing, the pair was up 0.73% on the day. Falling crude oil prices makes it difficult for the commodity-related loonie to find demand. The surging number of coronavirus infections globally and recently imposed restriction measures in Europe seem to have revived concerns over an uneven recovery in energy demand. A barrel of West Texas Intermediate (WTI) is down 3.29% on a daily bas s at $38.58. On the other hand, the risk-averse market environment is helping the greenback gather strength against its peers as a safe-haven. At the moment, the US Dollar Index is gaining 0.3% on the day at 93.02. In the meantime, the S&P 500 futures are down more than 1% on the day, suggesting that the DXY could extend its daily upside if Wall Street suffers heavy losses after the opening bell. Currently, the TSX is down 0.94% and the DJIA is down 2.06%. EURCAD is up 0.23% trading between 1.5553 and 1.55600. GBPCAD is up 0.30% trading between 1.7105 and 1.7223. JPYCAD is up 0.35% trading between 0.01253 and 0.01257. Gold is down 0.03% trading between $1,891 - $1,908USD/oz while silver is down 0.96% trading between $24.08 - $24.64. Oil (WTI crude) is down 3.29% trading between $38.39 - $39.35.

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

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The information and opinions contained herein are gathered from sources which are thought to be reliable but the reader should not assume that the information and opinions are official or final. VBCE makes no warranty concerning the accuracy of the information and opinions, and accepts no liability for the consequences of any actions taken on the basis of the information and opinions provided. The content is for general information only and does not constitute in anyway giving financial advice.