Bank of Canada raises Interest rates to 0.75% | Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver July 12, 2017

USDCAD spot rate: 1.2753 - 1.2817 (as at 8:13am PST)

Ranges:

Asia:

1.2895

to

1.2909

Europe:

1.2907

to

1.2941

North America:

1.2810

to

1.2923

Technical Support / Resistance:

S2

S1

R1

R2

1.2750

1.2800

1.2956

1.3040

Key Economic Data Releases:

- U.S. Crude Oil inventories: -7.564M (prev -2.850M / exp -6.299M)

- Bank of Canada Interest rate:

http://www.bankofcanada.ca/2017/07/fad-press-release-2017-07-12/

Key Event Calendar:

Date

Canada

U.S.A.

July 13

July 14

New housing price index

Producer price index

CPI, retail sales, industrial production

The Bank of Canada raised interest rates, as expected, to 0.75 percent, from 0.5 percent. It said future rate moves will be "guided" by the data, while downplaying recent sluggishness in inflation. Investors are looking at the decision as a possible harbinger of things to come globally and are monitoring it for clues on the central bank's resolve for withdrawing stimulus, with the prospect of central bank tightening has triggered a selloff in government bond markets over the last 2 weeks. Canadian government bond yields and the CAD are up after the hike. Canada is in the midst of one of its strongest growth spurts since the 2008-2009 recession, with the expansion accelerating to an above 3% pace over the past 4 quarters. That's the fastest among Group of Seven countries and double what the central bank considers Canada's capacity to grow without fueling inflation. Bank of Canada Governor Stephen Poloz will be speaking today at 8:15am. Currently, the TSX is up 0.56% while the DOW is up 0.69%. EURCAD is down 1.26% trading between 1.4606 and 1.4826. GBPCAD is down 0.44% trading between 1.6503 and 1.6672. JPYCAD is down 0.08% trading between 0.01131 and 0.01143. Gold is up 0.33% trading between $1,213 and $1,225USD/oz., silver is up 0.83% trading between $15.75 and $16.02USD/oz., while oil is down 0.48% trading between $45.41 and $46.44.

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

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