Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 24, 2017

USDCAD spot rate: 1.3450 - 1.3455 (as at 8:20am PST)

Ranges:

Asia:

1.3502

to

1.3541

Europe:

1.3488

to

1.3530

North America:

1.3430

to

1.3525

Technical Support / Resistance:

S2

S1

R1

R2

1.3370

1.3410

1.3550

1.3595

Key Economic Data Releases:

- Bank of Canada interest rate: 0.5% (exp 0.5% / prev 0.5%)

- U.S. crude oil inventories: -4.432M (exp -2.419M / prev -1.753M)

- U.S. FOMC meeting minutes: 11am

Key Event Calendar:

Date

Canada

U.S.A.

May 26

May 27

CPI, retail sales

Durable goods, GDP Q1, consumer sentiment index

The Bank of Canada kept its benchmark interest rate unchanged at 0.5% in a rate decision today. Policy makers led by Governor Stephen Poloz gave a nod to improving economic data and added new language stating the current degree of monetary stimulus is appropriate at present. The CAD jumped on the report gaining 0.3% to 1.3466 at 7:08am. They reiterated its assessment that subdued inflation and wage growth are consistent with ongoing excess capacity in the economy. At the same time, they said that the economy's adjustment to the oil decline is largely complete and that recent economic data have been encouraging with a robust labour market driving consumer spending and housing. At 11am today the Fed will release the minutes of its May 2-3 meeting. Investors expect the minutes will likely keep the chances of a June rate hike high. Analysts will also be looking for discussions on how officials might be planning to wind down the central bank's 4.5 trillion balance sheet. Currently, the TSX is down 0.40% and the DOW is up 0.15%. EURCAD is down 0.54% trading between 1.5029 and 1.5143. GBPCAD is down 0.61% trading between 1.7396 and 1.7570. JPYCAD is down 0.69% trading between 0.01200 and 0.01210. Gold is up 0.18% trading between $1,248 and $1,254USD/oz., silver is up 0.21% trading between $16.91 and $17.13USD/oz., while oil is down 0.23% trading between $51.23 and $51.85.

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

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