Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 22, 2021


VBCE Daily Foreign Exchange Update for Friday, Jan. 22, 2021

USDCAD spot rate: 1.2715 - 1.2720 (as at 7:59am PST)

Ranges:

Asia:

1.2641

to

1.2680

Europe:

1.2673

To

1.2712

North America:

1.2682

to

1.2722

Technical Support / Resistance:

S2

S1

R1

R2

1.2630

1.2680

1.2750

1.2800

Key Economic Data Releases:

- Canada retail sales: 1.3% exp 0.1% prev 0.4% ex-autos: 2.1% exp 0.3% prev 0%

- U.S. market manufacturing PMI: 59.1 exp 56.5 prev 57.1

Event Calendar:

Date

Canada

U.S.A.

Jan. 25

Jan. 26

Jan. 27

Jan. 28

Jan. 29

Building permits

GDP (Nov)

Housing price index, consumer confidence

Durable goods, Fed interest rate decision

GDP Q4, jobless claims

Personal income/spending, Chicago PMI, consumer sentiment index

Yesterday, USDCAD dropped from 1.2640 down to 1.2589 before climbing back to 1.2648. The strong correlation with equity market performance continues to hold up well. After hitting all-time highs during early trade yesterday, global equities are under pressure today. Oil prices were also down as much as 3% with flows driving the USD and JPY higher. The CAD is the worst performing currency on the day thus far despite strong November retail sales data. The advanced reading (-2.6%) for December effectively erases the strong November gain. USDCAD climbed steadily from 1.2641 up to 1.2716 before a minor pull-back to 1.2682. A second move higher has the pair now at session highs (1.2727). Currently, the TSX and the DJIA are down 0.70% after hitting all-time highs earlier this week. EURCAD has recovered from near 7 month lows - up 0.66%, trading between 1.5364 and 1.5481. GBPCAD has recovered from near 1 month lows - up 0.15% trading between 1.7320 and 1.7389. JPYCAD has recovered from near 11 month lows - up 0.32% trading between 0.01220 and 0.01225. Gold is down 0.70% trading between $1,837 - $1,871USD/oz – near a 1 month low. Silver is down 1.70% trading between $25 - $26/oz. Oil (WTI crude) is down 1% near a 2 week low trading between $51.42 - $53.13.

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group

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