Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 06, 2021


USDCAD spot rate: 1.2695 - 1.2700 (as at 8:22am PST)

Ranges:

Asia:

1.2646

to

1.2695

Europe:

1.2630

To

1.2709

North America:

1.2674

to

1.2723

Technical Support / Resistance:

S2

S1

R1

R2

1.2550

1.2593

1.2755

1.2790

Key Economic Data Releases:

- U.S. ADP employment change: -123k (exp 88k / prev 304k)

- U.S. markit PMI: 54.8 (exp 55.3 / prev 55.3)

Event Calendar:

Date

Canada

U.S.A.

Jan.07

Jan.08

Imports/exports

Unemployment rate

Trade balance, jobless claims

Unemployment rate


The USD/CAD pair closed in the positive territory on Tuesday as surging crude oil prices helped the CAD outperform its rivals. With the oil rally remaining intact and the greenback struggling to find demand, the pair extended its slide and touched its lowest level since April 2018 at 1.2630. Since then, the USD has rebounded and is up 0.21% trading currently at 1.27. Following the two-day OPEC+ meeting, Saudi Arabia announced on Tuesday that they will be voluntarily cutting their output in February and March, which will amount to 1 million barrels per day. The barrel of WTI gained more than 5% and preserved its bullish momentum on Wednesday. At the moment, WTI is trading at its highest level in more than 10 months, rising 0.75% on the day at $50.33. On the other hand, the risk-on market environment makes it difficult for the greenback to find demand. In the meantime, the 10-year USD Treasury bond yield is up more than 7% on Wednesday as investors price in a Democratic majority in the Senate. If the US T-bond yields continue to push higher, the USD could find some demand. Currently, the TSX is up 0.77% and the DJIA is up 1.64%. EURCAD is up 0.07% trading between 1.5568 and 1.5603. GBPCAD is down 0.29% trading between 1.7194 and 1.7312. JPYCAD is down 0.44% trading between 0.01226 and 0.01234. Gold is down 2.29% trading between $1,903 - $1,959USD/oz. Silver is down 3.21% trading between $26.59 - $27.92. Oil (WTI crude) is up 0.75% trading between $49.51 - $50.60.

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