Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver July 21, 2017

USDCAD spot rate: 1.2562 - 1.2567 (as at 7:37am PST)

Ranges:

Asia:

1.2580

to

1.2606

Europe:

1.2568

to

1.2597

North America:

1.2522

to

1.2609

Technical Support / Resistance:

S2

S1

R1

R2

1.2450

1.2540

1.2640

1.2700

Key Economic Data Releases:

- Canada CPI m/m: -0.1% (exp -0.1% / prev 0.1%) y/y: 1.0% (exp 1.0% / prev 1.3%)

- Canada core CPI common: 1.4% (prev 1.3%) trim: 1.2% (prev 1.2%) median: 1.6% (prev 1.5%)

- Canada retail sales: 0.6% (exp 0.2% / prev 0.7%)

- Canada core retail sales: -0.1% (exp 0.3% / prev 1.3%)

Key Event Calendar:

Date

Canada

U.S.A.

July 24

July 25

July 26

July 27

July 28

Wholesale sales

GDP (May)

Manufacturing PMI, services PMI, existing home sales

Consumer confidence, house price index

New home sales, Fed interest rate decision

Durable goods orders

GDP Q2, GDP price index, consumer sentiment

Yesterday, USDCAD climbed from 1.2600 up to 1.2640 before breaking below the 1.2580 double-bottom support and triggering stop-loss orders all the way down to 1.2540 – a new 15 month low. The pairing then bounced back to 1.2600 before settling in a 1.2560 – 1.2595 range for the balance of the session. Canadian data was mixed this morning with retail sales headline data beating estimates amidst negative revisions to prior data and worse than expected core data. Headline inflation was also weak although core data was slightly higher. Recent comments from the Bank of Canada suggest that they are willing to look beyond recent low inflation data. USDCAD dropped from 1.2600 down to 1.2546 on the data, just shy of yesterday's 15 month low of 1.2540. Corrective bounces have stalled at 1.2570 and the pairing just broke below 1.2540 to a new 15 month low @ 1.2522 with the May 2016 low of 1.2450 now in play. Currently, the TSX and the DJIA are down 0.70% and 0.27% respectively. EURCAD is unchanged trading between 1.4601 and 1.4683. GBPCAD is unchanged trading between 1.6295 and 1.6390 – near 5 month lows. JPYCAD is up 0.45% trading between 0.01124 and 0.01130 – near 6 month lows. Gold is up 0.42% trading between $1,243 and $1,252USD/oz., silver is up 0.46% trading between $16.30 and $16.51USD/oz., while oil is down 1.72% trading between $46.04 and $47.19.

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

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