Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 15, 2021


USDCAD spot rate: 1.2755 - 1.2760 (as at 8:05am PST)

Ranges:

Asia:

1.2636

to

1.2663

Europe:

1.2662

To

1.2714

North America:

1.2710

to

1.2764

Technical Support / Resistance:

S2

S1

R1

R2

1.2630

1.2700

1.2835

1.2935

Key Economic Data Releases:

- U.S. industrial production: 1.6% exp 0.4% prev 0.5%

- U.S. retail sales: -0.7% exp 0% prev -1.4% ex autos: -1.4% exp -0.1% prev -1.3%

- U.S. consumer sentiment index: 79.2 exp 80 prev 80.7

Event Calendar:

Date

Canada

U.S.A.

Jan. 18

Jan. 20

Jan. 21

Jan. 22

Jan. 23

Housing starts

Manufacturing sales

CPI, Bank of Canada interest rate

Retail sales

Crude oil inventories

Housing starts, jobless claims

Markit manufacturing PMI


Yesterday, USDCAD dropped from 1.2708 down to 1.2630, effectively retesting last week's low / a 33 month low before settling near 1.2645. Overnight, the USD broadly gained as equity markets declined along with commodity prices. The catalyst appears to have been the Biden announcement of the $1.9 trillion stimulus plan. Although the USD has been weakening for several months on the assumption there would be another significant government spending plan, some analysts view the plan as USD positive as the U.S. economy is expected to grow at a faster pace in 2021. In turn, inflation could rise towards the Fed's 2% target in a matter of months putting doubt as to how long the Fed can maintain its ultra-low interest rate policy. The USD index DXY is back up trading near 1 month highs. After yesterday's retest of the 2021 low / 33 month low @ 1.2630, USDCAD has climbed to 1.2764 this morning. Monday's high / 2021 high is 1.2835. Currently, the TSX and the DJIA are down roughly 0.60% and 1% respectively. EURCAD is up 0.30%, trading between 1.5354 and 1.5428 – near 6 month lows. GBPCAD is up 0.20% trading between 1.7292 and 1.7340. JPYCAD has recovered from near 11 month lows - up 0.80% trading between 0.01217 and 0.01229. Gold is down 0.75% trading between $1,830 - $1,857USD/oz – near a 1 month low. Silver is down 3% trading between $24.64 - $25.79. Oil (WTI crude) is down 3% from yesterday's near 1 year high - trading between $51.96 - $53.86.

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