Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 13, 2017

USDCAD spot rate: 1.2478 - 1.2483 (as at 7:45am PST)

Ranges:

Asia:

1.2460

to

1.2484

Europe:

1.2452

to

1.2480

North America:

1.2450

to

1.2510

Technical Support / Resistance:

S2

S1

R1

R2

1.2420

1.2450

1.2510

1.2550

Key Economic Data Releases:

- U.S. CPI m/m: 0.5% (exp 0.6% / prev 0.4%) y/y: 2.2% (exp 2.3% / prev 1.9%)

- U.S. core CPI m/m: 0.1% (exp 0.2% / prev 0.2%) y/y: 1.7% (exp 1.8% / 1.7%)

- U.S. retail sales: 1.6% (exp 1.7% / prev -0.1%) core: 1.0% (exp 0.3% / prev 0.5%)

- U.S. consumer sentiment index: 101.1 (exp 95.0 / prev 95.1)

Key Event Calendar:

Date

Canada

U.S.A.

Oct 16

Oct 17

Oct 18

Oct 19

Oct 20

Foreign securities purchases

Manufacturing sales

CPI, retail sales

NY Empire state manufacturing index

Industrial production

Building permits, housing starts

Philadelphia Fed manufacturing index

Existing home sales

Yesterday, USDCAD initially dipped from 1.2460 down to 1.2430 (a 1 week low) in Asian trade before climbing to 1.2490 in North American trade. The pairing would then dip to 1.2450 and hold near 1.2475 for the balance of the session. Overnight, the USD broadly gained ahead of the 5:30am retail sales and CPI inflation data taking USDCAD up to 1.2510. Both data sets missed estimates sending the USD lower across the board. USDCAD dropped to session lows @ 1.2450 but has since recovered up to 1.2485 making the CAD the worst performing currency on the day. This comes despite an earlier 2% climb in oil prices as commodity prices along with the AUD and NZD outperform. U.S. 10 year yields are under pressure again falling to 2.28% after testing 2.40% earlier this week. After the dovish comments on inflation in Wednesday's Fed minutes along with missed inflation expectations today, the market appears to be doubtful that the Fed will be able to hike interest rates 3 times next year. Currently, the TSX and the DJIA are up 0.50% and 0.23% respectively. EURCAD is up 0.20% trading between 1.4720 and 1.4813. GBPCAD is up 0.40% trading between 1.6513 and 1.6628. JPYCAD is up 0.35% trading between 0.01110 and 0.01116. Gold is up 0.40% trading between $1,290 and $1,303USD/oz., silver is up 0.37% trading between $17.16 and $17.35USD/oz., while oil is up 1% trading between $50.72 and $51.72.

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

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