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


USDCAD spot rate: 1.2755 - 1.2760 (as at 8:42am PST)

Ranges:

Asia:

1.2699

to

1.2740

Europe:

1.2707

To

1.2763

North America:

1.2736

to

1.2765

Technical Support / Resistance:

S2

S1

R1

R2

1.2650

1.2699

1.2783

1.2830

Key Economic Data Releases:

- Canadian CPI: 1% (exp 0.08% / prev 0.7%)

- U.S. retail sales: -1.1% (exp -0.3% / prev -0.1%)

- U.S. Fed interest rate decision

Event Calendar:

Date

Canada

U.S.A.

Dec. 17

Dec. 18

Retail sales

Housing starts, jobless claims

The USD/CAD pair edged higher through the mid-European session and refreshed daily tops, around the 1.2755 region in the last hour. Having shown some resilience below the 1.2700 mark, the pair managed to gain some positive traction on Wednesday and has now recovered the previous day's fall to the lowest level since April 2018. The uptick lacked any obvious fundamental catalyst and could be categorized as a short-covering bounce from near-term oversold conditions. Meanwhile, a modest pullback in crude oil prices, from the highest level since early March, undermined the commodity-linked currency, the loonie, and extended some support to the USD/CAD pair. That said, the prevalent bearish sentiment surrounding the USD might keep a lid on any strong recovery for the pair, at least for the time being. The global risk sentiment remained well supported by the recent optimism about the rollout of vaccines for the highly contagious coronavirus disease and hopes for a Brexit deal. Adding to this, expectations the Fed will increase its bond-buying program exerted some additional downward pressure on the greenback through the major part of the trading action on Wednesday. Hence, investors will keep a close eye on the highly anticipated FOMC monetary policy update, scheduled to be announced later during the US session. Currently, the TSX is up 0.22% and the DJIA is down 0.15%. EURCAD is up 0.62% trading between 1.5427 and 1.5532. GBPCAD is up 0.74% trading between 1.7066 and 1.7294. JPYCAD is up 0.48% trading between 0.01224 and 0.01234. Gold is up 0.26% trading between $1,849 - $1,865USD/oz. Silver is up 2.04% trading between $24.43 - $25.29. Oil (WTI crude) is down 0.63% trading between $47.18 - $47.89.

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