Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 6, 2017

USDCAD spot rate: 1.2774 - 1.2779 (as at 8:10am PST)

Ranges:

Asia:

1.2684

to

1.2708

Europe:

1.2654

to

1.2706

North America:

1.2650

to

1.2779

Technical Support / Resistance:

S2

S1

R1

R2

1.2570

1.2618

1.2800

1.2850

Key Economic Data Releases:

- Bank of Canada interest rate: 1% (exp 1% / prev 1%)

http://www.bankofcanada.ca/2017/12/fad-press-release-2017-12-06/

- U.S. ADP employment: 190k (exp 185k / prev 235k)

Event Calendar:

Date

Canada

U.S.A.

Dec. 7

Dec. 8

Building permits, Ivey PMI

Housing starts

Non-farm payrolls, unemployment rate, avg hourly earnings

The Bank of Canada left the benchmark overnight rate at 1% for the second straight rate decision, as the market expected. The current pause comes after consecutive hikes in July and September. They reiterated it will be "cautious" with future moves, indicating it's in no rush to cool an economy that is very close to capacity. Even as it acknowledged borrowing costs will eventually need to rise, the Bank of Canada is handling the normalization of rates very carefully, wary of inadvertently triggering another downturn. One argument, repeated today, is that geopolitical uncertainties remain around U.S. trade policies. The CAD dropped after the statement, down a total of 0.6% on the day. Currently, the TSX is up 0.20% and the DOW is up 0.02%. EURCAD is up 0.19% trading between 1.4910 and 1.5069. GBPCAD is up 0.25% trading between 1.6914 and 1.7097. JPYCAD is up 0.71% trading between 0.01128 and 0.01137. Gold is down 0.10% trading between $1,263 and $1,269 SD/oz., silver is down 0.98% trading between $15.95 and $16.14USD/oz., while oil is down 1.60% trading between $56.56 and $57.58.

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

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