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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 16, 2020


VBCE Daily Foreign Exchange Update for Monday, Nov. 16, 2020

USDCAD spot rate: 1.3075 - 1.3080 (as at 8:28am PST)

Ranges:

Asia:

1.3092

to

1.3128

Europe:

1.3065

To

1.3124

North America:

1.3066

to

1.3098

Technical Support / Resistance:

S2

S1

R1

R2

1.3000

1.3050

1.3156

1.3200

Key Economic Data Releases:

- Canadian Mfg sales: 1.5% (exp 1.5% / prev -1.4%)

- U.S. NY Empire state mfg index: 6.3 (exp 13.5 / prev 10.5)

Event Calendar:

Date

Canada

U.S.A.

Nov. 17

Nov. 18

Nov. 19

Nov. 20

Housing starts

CPI

Retail sales, new housing price index

Retail sales, industrial production

Housing starts, building permits

Jobless claims, Philadelphia Fed mfg. survey

U.S. stocks gained after positive news on a Covid-19 vaccine, sending shares tied to an economic reopening higher. The Dow Jones Industrial Average and the S&P 500 Index were poised for record highs after Moderna Inc.'s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial. The vaccine news adds yet another driver to a global stocks rotation into value and cyclical sectors that have been hardest hit by the pandemic, and out of more defensive industries like technology. U.S. equity futures were up earlier after advisers to President-elect Joe Biden said they opposed a nationwide shutdown despite surging virus cases. Still, concerns about a sustainable economic recovery persist amid a flare-up in virus cases around the world. The pandemic continues to escalate in Europe and the U.S. American coronavirus cases have topped 11 million. Treasury yields held steady and the dollar slipped. Crude pushed higher as the vaccine news boosted the outlook for demand. China's oil processing rebounded in October to match a record, as consumption in Asia continues to vastly outpace that of regions still afflicted with the virus. Elsewhere, European equities rose, following Asian shares higher after a slew of countries Sunday signed the world's largest regional free-trade agreement, encompassing nearly a third of the globe's population and gross domestic product. Currently, the TSX is up 0.65% and the DJIA is up1.38%. EURCAD is down 0.37% trading between 1.5459 and 1.5558. GBPCAD is down 0.49% trading between 1.7210 and 1.7351. JPYCAD is down 0.40% trading between 0.01245 and 0.01255. Gold is up 0.14% trading between $1,864 - $1,899USD/oz while silver is down 0.23% trading between $24.21 - $25.07. Oil (WTI crude) is up 3.5% trading between $40.39 - $42.09.

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.