Daily foreign exchange rates for our top 10 currencies | Market Update #forex #Vancouver January 17, 2017


USDCAD spot rate: 1.3055 - 1.33060 (as at 8:09am PST)

Ranges:

Asia:

1.3060

to

1.3189

Europe:

1.3019

to

1.3088

North America:

1.3030

to

1.3060

Technical Support / Resistance:

S2

S1

R1

R2

1.3000

1.3020

1.3190

1.3270

Key Economic Data Releases:

- U.S. NY Empire mfg. index 6.5 (8.5 exp.) 9.0 previous

Key Event Calendar:

Date

Canada

U.S.A.

Jan. 18

Jan. 19

Jan. 20

Bank of Canada interest rate

Manufacturing sales

CPI, retail sales

CPI, industrial production

Building permits, housing starts, Philly Fed mfg.

Stocks, bond yields and the dollar fell on Tuesday, while gold rose as investors drew in their horns in response to comments on the dollar from U.S. President-elect Donald Trump and ahead of a speech on Brexit from British Prime Minister Theresa May. Trump's remarks that the dollar is too strong and hurting U.S. competitiveness pushed the greenback down across the board, even against sterling, which is under heavy pressure as May is expected to confirm her "hard Brexit" stance later on Tuesday. Britain's pound was higher on the day but still close to Monday's three-month lows, while the Japanese yen hit a six-week high as investors sought shelter from the mounting political risk of a week that also includes Trump's inauguration. Investors are seeking clarity on his policies after campaign pledges on tax cuts and government spending helped lift stocks and the dollar and were deemed positive for economic growth.

In remarks to the Wall Street Journal published on its website late on Monday, however, Trump said U.S. companies could not compete with China "because our currency is too strong. And it's killing us." Safe-haven investments such as gold and government debt also gained. Sterling is trading higher ahead of Theresa May's speech on Brexit but we're expecting a wild ride for the pound today. Currently, the TSX is down 0.14% and the DOW is down 0.13%. EURCAD is down 0.02% trading between 1.3916 and 1.3987. GBPCAD is up 1.63% trading between 1.5827 and 1.6168. JPYCAD is down 0.05% trading between 0.01151 and 0.01156. Gold is up 0.90% trading between $1,202 and $1,219USD/oz., silver is up 1.68% trading between $16.79 and $17.16USD/oz., while oil is up 0.75% trading between $52.26 and $53.49.

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

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