Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 9, 2020


USDCAD spot rate: 1.2803 - 1.2808 (as at 8:20am PST)

Ranges:

Asia:

1.2790

to

1.2818

Europe:

1.2773

To

1.2798

North America:

1.2769

to

1.2810

Technical Support / Resistance:

S2

S1

R1

R2

1.2710

1.2764

1.2822

1.2866

Key Economic Data Releases:

- Bank of Canada interest rate: 0.25% (exp 0.25% / prev 0.25%)

Event Calendar:

Date

Canada

U.S.A.

Dec. 10

Dec. 11

CPI, jobless claims

Producer price index, consumer sentiment

As expected, the Bank of Canada announced on Wednesday that it left its key rate unchanged at 0.25% following its December policy meeting and said they'll leave it there until economic slack is absorbed and inflation is back to the 2% target. They also restated their plan to buy at least C$4 billion a week in Canadian government bonds until the recovery is well underway. The bank will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2% inflation target is sustainably achieved. In their October projection, this does not happen until into 2023. Wednesday's decision shows Macklem has little inclination to alter the central bank's approach to providing as much support as possible to an economy battered by a resurgence of Covid-19 cases. Growth in the third quarter was weaker than the bank had predicted, and it may take another hit in the fourth after new lockdowns were imposed in some regions. At the same time, there's little evidence policy makers want to provide additional support to a recovery threatened by a strengthening CAD, increased restrictions as Covid-19 cases rise, and a pick-up in market interest rates. The central bank said positive news on vaccine developments was reassuring. The CAD is hovering at its strongest level in more than two years, reflecting in large part broad U.S. dollar weakness. Currently, the TSX is down 0.26% and the DJIA is down 0.13%. EURCAD is down 0.31% trading between 1.5440 and 1.5540. GBPCAD is up 0.12% trading between 1.7091 and 1.7223. JPYCAD is down 0.15% trading between 0.01224 and 0.01230. Gold is down 1.25% trading between $1,837 - $1,870USD/oz. Silver is down 1.93% trading between $23.94 - $24.57. Oil (WTI crude) is down 0.70% trading between $45.09 - $46.25.

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