Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 16, 2017

USDCAD spot rate: 1.3238 - 1.3243 (as at 8:00am PST)

Ranges:

Asia:

1.3241

to

1.3273

Europe:

1.3223

to

1.3255

North America:

1.3222

to

1.3264

Technical Support / Resistance:

S2

S1

R1

R2

1.3165

1.3225

1.3280

1.3325

Key Economic Data Releases:

- Foreign portfolio investment in Canadian securities: $10.68 billion (exp $12.14b / prev $15.05b)

- Canadian portfolio investment in foreign securities: -$9.87 billion / prev $15.42 billion)

- U.S. building permits: 1.168m (exp 1.25m/prev 1.228m) % change -4.9% (exp 1.8%/prev -2.5%)

- U.S. housing starts: 1.092m (exp 1.215m / prev 1.156m) % change -5.5% (exp 4.1% /prev-2.8%)

- U.S. consumer sentiment index: 94.5 (exp 97.1 / prev 97.1)

- U.S. labour market conditions index: 2.3 (exp 3 / prev 3.7)

- Bank of Japan interest rate decision: -0.10% (exp -0.10% / prev -0.10%)

Key Event Calendar:

Date

Canada

U.S.A.

June 19

June 20

June 21

June 22

June 23

Wholesale sales

Retail sales

CPI

Current account Q1

Existing home sales, crude oil inventories

Manufacturing PMI, services PMI, new home sales

Yesterday, USDCAD climbed from 1.3225 up to 1.3308 before easing to 1.3260 in the afternoon. The USD made slight gains as Wednesday's Fed decision to leave the future interest rate outlook relatively unchanged from the March meeting despite 4 consecutive months of weaker inflation data caught the market off guard. Overnight, the USD saw some strength during the Asian session after the Bank of Japan maintained its interest policy but the trend changed into the London and North American sessions. Another round of weaker than expected U.S. data and the USD is the worst performing currency today. Despite the Fed's dot plot indicating another rate hike this year, market probabilities of a 3rd hike are at the lowest of the year while U.S. 10 year yields also remain near 8 month lows. After testing 1.3273 last night, USDCAD has made a couple of runs towards yesterday's low near 1.3220. Currently, the TSX and the DJIA are both down nearly 0.20%. EURCAD is up 0.25% trading between 1.4763 and 1.4847 – still near 2 month lows. GBPCAD is up 0.20% trading between 1.6880 and 1.6965. JPYCAD is unchanged trading between 0.01188 and 0.01197 having earlier dipped ¾% towards a 2 month low after the Bank of Japan interest rate policy announcement. Gold is up 0.22% trading between $1,252 and $1,257USD/oz., silver is down 0.28% trading between $16.66 and $16.83USD/oz., while oil is up 0.60% trading between $44.24 and $44.91.

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

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