Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 20, 2017

USDCAD spot rate: 1.2593 - 1.2598 (as at 8:15am PST)

Ranges:

Asia:

1.2465

to

1.2520

Europe:

1.2490

to

1.2520

North America:

1.2476

to

1.2609

Technical Support / Resistance:

S2

S1

R1

R2

1.2420

1.2450

1.2609

1.2680

Key Economic Data Releases:

- Canada CPI m/m: 0.2% (exp 0.3% / prev 0.1%) y/y: 1.6% (exp 1.6% / prev 1.4%)

- Canada core CPI common: 1.5% (prev 1.5%) trim: 1.5% (prev 1.4%) median: 1.8% (prev 1.7%)

- Canada retail sales: -0.3% (exp 0.5% / prev 0.4%) core: -0.7% (exp 0.3% / prev 0.2%)

- U.S. existing home sales: 5.39m (exp 5.30m / prev 5.35m) %: 0.7% (exp -1.0% / prev -1.7%)

Key Event Calendar:

Date

Canada

U.S.A.

Oct 23

Oct 24

Oct 25

Oct 26

Oct 27

Wholesale sales

Bank of Canada interest rate

Manufacturing / services PMI

Durable goods orders, new home sales

Pending home sales

GDP (Q3), consumer sentiment index

Yesterday, USDCAD held an uneventful 1.2450 – 1.2494 range. The pairing climbed to 1.2520 in the Asian session amidst general USD strength after it was announced that the U.S. Senate approved a $4 trillion budget taking a step closer to the highly anticipated U.S. tax reform. (Republicans now need a 51% majority vote in the Senate to pass a tax bill.) USDCAD dropped back towards 1.2480 just ahead of the 5:30am Canadian retail sales and inflation releases. Although inflation nudged higher in September, retail sales for August missed badly and USDCAD immediately spiked to 1.2550. The pairing has continued higher breaking above Monday's 1.2590 high. After making marginal gains to 1.2609 – the highest since Aug. 31 – USDCAD has eased back to 1.2588 but looks to be making a 2nd run at the highs. The next key announcement that will impact the CAD comes Wednesday with the Bank of Canada interest rate announcement. There is little chance of another interest rate hike next week although there is still about a 50% probability of a rate hike in December. Currently, the TSX and the DJIA are both up by roughly 0.35%. EURCAD is up 0.50% trading between 1.4730 and 1.4862. GBPCAD is up 1.25% trading between 1.6381 and 1.6626. JPYCAD is up 0.35% trading between 0.01101 and 0.01111. Gold is down 0.47% trading between $1,279 and $1,290USD/oz., silver is down 0.75% trading between $17.00 and $17.27USD/oz., while oil is up 0.35% trading between $50.88 and $51.79.

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

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