Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 24, 2017

USDCAD spot rate: 1.2705 - 1.2710 (as at 7:54am PST)

Ranges:

Asia:

1.2710

to

1.2732

Europe:

1.2718

to

1.2749

North America:

1.2701

to

1.2723

Technical Support / Resistance:

S2

S1

R1

R2

1.2620

1.2670

1.2750

1.2780

Key Economic Data Releases:

- U.S. manufacturing PMI: 53.8 (exp 54.8 / prev 54.6)

- U.S. services PMI: 54.7 (exp 55.6 / prev 55.3)

Key Event Calendar:

Date

Canada

U.S.A.

Nov 27

Nov. 28

Nov. 29

Nov. 30

Dec. 1

Current account

Net employment change, unemployment rate, GDP (Sept), GDP Q3 annualized, RBC mfg. PMI

New home sales

Consumer confidence

GDP Q3, pending home sales

PCE price index, personal income / spending

ISM manufacturing PMI

Yesterday, USDCAD initially dropped from 1.2720 down to 1.2672 before climbing back to 1.2730 on the back of weaker than expected Canadian retail sales data. The pairing then eased lower to hold a 1.2710/20 range for the balance of the session. Overnight, USDCAD broke yesterday's high of 1.2730 marginally with a quick move up to 1.2749. The move was short-lived and the pairing fell back to hold a narrow 1.2701 – 1.2723 range in early North American trade. Technically, this week, USDCAD has moved below and remained below a key trend level (~1.2780) opening the door for possible further downside momentum. Overall, the broader DXY (USD index) is facing three successive weeks of losses and has been trading below key technical levels as well this week. Currently, the TSX and the DJIA continue to push historical highs - up 0.14% and 0.23% respectively. EURCAD is up 0.70% trading between 1.5055 and 1.5163. GBPCAD is up 0.25% trading between 1.6896 and 1.6992. JPYCAD is down 0.40% trading between 0.01138 and 0.01144. Gold is down 0.30% trading between $1,285 and $1,293USD/oz., silver is down 0.48% trading between $16.97 and $17.16USD/oz., while oil continues to push 2.5 year highs - up 1% trading between $58.39 and $58.92.

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

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