Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 27, 2021


VBCE Daily Foreign Exchange Update for Wednesday, Jan. 27, 2021

USDCAD spot rate: 1.2775 - 1.2780 (as at 8:14am PST)

Ranges:

Asia:

1.2685

to

1.2727

Europe:

1.2713

To

1.2777

North America:

1.2760

to

1.2822

Technical Support / Resistance:

S2

S1

R1

R2

1.2600

1.2644

1.2850

1.2900

Key Economic Data Releases:

- U.S. durable goods: 0.2% (exp 0.9% / prec 1.2%

- U.S. Fed interest rate decision: 11am

Event Calendar:

Date

Canada

U.S.A.

Jan. 28

Jan. 29

Building permits

GDP (Nov)

GDP Q4, jobless claims

Personal income/spending, Chicago PMI, consumer sentiment index

After spending the Asian session in a very tight range below 1.2727, the USD/CAD pair gained traction during the European and North American trading hours and touched a fresh daily high of 1.2822. As of writing, the pair was up 0.65% on the day at 1.2775. The renewed USD strength seems to be fueling USD/CAD's climb on Wednesday. The risk-averse market environment, as reflected by sharp declines in major European equity indexes and the US stock futures, is providing a boost to the safe-haven greenback. In the meantime, with weakness in WTI it's making it difficult for the commodity-related loonie to stay resilient against the USD. The Fed is set to announce its interest rate decision today at 11am and are expected to leave its bond buying plan unchanged. Currently, the TSX is down 1.31% and the DJIA is down 1.05%. EURCAD is up 0.04%, trading between 1.5415 and 1.5473. GBPCAD is up 0.31% trading between 1.7435 and 1.7528. JPYCAD is up 0.12% trading between 0.01223 and 0.01230. Gold is down 0.12% trading between $1,831 - $1,853USD/oz. Silver is down 0.51% trading between $24.69 - $25.47USD/oz. Oil (WTI crude) is up 0.62% trading between $51.87 - $53.14.

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

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