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

USDCAD spot rate: 1.3068 - 1.3073 (as at 8:16am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canadian CPI: 0.4% (exp 0.2% / prev -0.1%)

- U.S. housing starts: 1.53M (exp 1.46M / prev 1.459M)

- U.S. building permits: 1.545M (exp 1.56M / prev 1.545M)

Event Calendar:

The USD/CAD pair edged higher during the early North American session, albeit remained in the negative territory, below the 1.3100 mark post-US/Canadian macro data. The pair witnessed some fresh selling on Wednesday and dropped to near one-week lows, around the 1.3055 region during the first half of the trading action. Concerns about the economic fallout from the imposition of new COVID-19 restrictions in several US states kept the US dollar bulls on the defensive and exerted some downward pressure on the USD/CAD pair. Apart from this, a goodish pickup in crude oil prices underpinned the commodity-linked currency, the loonie, and further contributed to the USD/CAD pair's intraday slide. However, a modest bounce in the US Treasury bond yields extended some support to the greenback and assisted the USD/CAD pair to rebound around 30 pips from daily swing lows. That said, the attempted bounce lacked any strong bullish conviction following the release of mixed US housing market data – Building Permits and Housing Starts. With Wednesday's US/Canadian macro data out of the way, developments surrounding the coronavirus saga will continue to influence the USD price dynamics and produce some short-term trading opportunities. Nevertheless, the pair still seems vulnerable to slide further and retest the key 1.3000 psychological mark as the focus now shifts to the weekly EIA report on US crude oil inventories for the week ended November 13. Currently, the TSX is up 0.20% and the DJIA is up 0.36%. EURCAD is down 0.19% trading between 1.5494 and 1.5555. GBPCAD is up 0.05% trading between 1.7334 and 1.7414. JPYCAD is up 0.19% trading between 0.01255 and 0.01261. Gold is unchanged trading between $1,863 - $1,884USD/oz while silver is up 0.56% trading between $24.19 - $24.70. Oil (WTI crude) is up 0.78% trading between $41.09 - $42.45.