Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 17, 2017

USDCAD spot rate: 1.2792 - 1.2797 (as at 8:38am PST)

Technical Support / Resistance:

Key Economic Data Releases:

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

- Canada CPI common: 1.6% (prev 1.5%) Median: 1.7% (prev 1.8%) Trim: 1.5% (prev 1.5%)

- U.S. building permits: 1.297 m (exp 1.247 m / prev 1.225 m) 5.9% (exp 2.0% / prev -4.5%)

- U.S. housing starts: 1.29m (exp 1.185m / prev 1.135m) 13.76% (exp 5.6% / prev -3.2%)

Key Event Calendar:

Yesterday, USDCAD initially climbed from 1.2760 up to 1.2785 before falling to 1.2727 on the back of stronger than expected Canadian manufacturing sales and positive market risk sentiment. The pairing would move back to the 1.2760 opening levels in late trade. The USD was broadly weaker in Asian trade taking USDCAD down to 1.2711 on news that the Trump campaign had been subpoenaed in mid-October for Russia related documents. USDCAD bounced back in the London session to 1.2770 before easing back to 1.2736 in early North American trade. The pairing climbed to session highs near 1.2780 ahead of the Canadian inflation data for October. The data came in largely as expected but a move above this week's resistance near 1.2790 triggered a quick move up to 1.2820/25. The pairing has since eased lower to 1.2785 – perhaps on the back of a 2.3% jump in oil prices. Currently, the TSX is up 0.28% while the DJIA is down 0.34%. EURCAD is up 0.35% trading between 1.5010 and 1.5124. GBPCAD is up 0.30% trading between 1.6800 and 1.6929. JPYCAD is up 1.2% trading between 0.01128 and 0.01142. Gold is up 0.80% trading between $1,278 and $1,289USD/oz., silver is up 0.28% trading between $17.03 and $17.13USD/oz., while oil is up 2.30% trading between $55.25 and $56.46.

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