Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 13, 2021

USDCAD spot rate: 1.2725 - 1.2730 (as at 8:15am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. CPI: 0.4% (exp 0.4% / prev 0.2%)

Event Calendar:

The USD/CAD pair edged higher during the early European session and climbed to fresh session tops, around the 1.2725-30 region in the last hour. The pair managed to find some support ahead of the weekly lows and for now, seems to have stalled this week's sharp pullback from the 1.2835 region, though lacked any strong follow-through. A combination of factors might hold back investors from placing aggressive bullish bets and keep a lid on any meaningful upside for the USD/CAD pair. Crude oil prolonged the recent strong bullish run and rose for the seventh consecutive session on Wednesday. The momentum was supported by Tuesday's API data that showed a larger-than-expected drop in US inventories and pushed spot prices to the highest level since February. This, in turn, was seen underpinning the commodity-linked loonie. On the other hand, the US dollar was weighed down by the ongoing pullback in the US Treasury bond yields and the underlying bullish sentiment in the global financial markets. Meanwhile, the global risk sentiment remained well supported by hopes for a strong global economic recovery and expectations of a more aggressive US fiscal spending in 2021. Investors remained hopeful that President-elect Joe Biden would push for a multi-trillion stimulus package when he and his administration take office on January 20. Currently, the TSX is down 0.34% and the DJIA is up 0.03%. EURCAD is down 0.26% trading between 1.5456 and 1.5536. GBPCAD is down 0.11% trading between 1.7338 and 1.7434. JPYCAD is down 0.57% trading between 0.01223 and 0.01227. Gold is up 0.02% trading between $1,849 - $1,863USD/oz. Silver is down 0.54% trading between $25.12 - $25.68. Oil (WTI crude) is up 0.22% trading between $52.59 - $53.91.