Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 26, 2017

USDCAD spot rate: 1.3440 - 1.3445 (as at 7:28am PST)

Ranges:

Asia:

1.3470

to

1.3497

Europe:

1.3433

to

1.3485

North America:

1.3439

to

1.3472

Technical Support / Resistance:

S2

S1

R1

R2

1.3402

1.3433

1.3497

1.3575

Key Economic Data Releases:

- U.S. durable goods: -0.7% (exp -1.2% / prev 2.3%) Core: -0.4% (exp 0.5% / prev -0.2%)

- U.S. GDP Q1 (2nd reading): 1.2% (exp 0.9% / prev 0.7%)

- U.S. GDP price index: 2.2% (exp 2.3% / prev 2.2%)

- U.S. consumer sentiment index: 97.1 (exp 97.5 / prev 97.7)

Key Event Calendar:

Date

Canada

U.S.A.

May 29

May 30

May 31

June 1

June 2

Current account Q1

GDP (March, Q1)

RBC manufacturing PMI

Trade balance

Memorial Day

Core PCE price index, personal income/spending

Chicago PMI, pending home sales

ADP employment change, ISM manufacturing

Non-farm payrolls, unemployment rate, avg. hourly earnings, trade balance

Yesterday, USDCAD initially dipped from 1.3416 down to 1.3388, its lowest level in 5 weeks before climbing to 1.3449. Another move lower stalled at 1.3402 and the pairing moved higher over the balance of the North American session towards 1.3497. After climbing to $52 – a 5 week high earlier in the day, oil prices plunged 6% after OPEC announced it would continue with output cuts. (This was well anticipated in the markets which were perhaps looking for more ie. deeper cuts.) Overnight, USDCAD dipped to 1.3433 before climbing back to 1.3472 ahead of the U.S. data releases. U.S. data was mixed while oil prices are back above the $49 level. USDCAD has fallen to 1.3439 but has since moved back towards 1.3465. The GBP is the worst performing currency today and has lost 6 cents vs. the CAD over the past week as the Labour party narrows the gap with the Conservatives heading into the UK June 8th general election. Currently, the TSX and the DJIA are both relatively unchanged. EURCAD is down 0.50% trading between 1.5014 and 1.5126. GBPCAD is down 1.50% trading between 1.7218 and 1.7452. JPYCAD is up 0.30% trading between 0.01205 and 0.01213. Gold is up 0.85% trading between $1,253 and $1,268USD/oz., silver is up 0.91% trading between $17.11 and $17.39USD/oz., while oil is up 0.50% trading between $48.21 and $49.29.

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

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