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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 11, 2017

USDCAD spot rate: 1.2850 - 1.2855 (as at 8:42am PST)

Ranges:

Asia:

1.2837

to

1.2865

Europe:

1.2830

to

1.2853

North America:

1.2837

to

1.2870

Technical Support / Resistance:

S2

S1

R1

R2

1.2650

1.2802

1.2870

1.2908

Key Economic Data Releases:

- U.S. JOLT job openings: 5.996m (exp 6.03m / prev 6.177m)

Event Calendar:

Date

Canada

U.S.A.

Dec. 12

Dec. 13

Dec. 14

Dec. 15

Manufacturing sales

Producer price index

CPI, Fed interest rate decision

Retail sales

Industrial production

On Friday, USDCAD initially climbed from 1.2850 up to 1.2870 before falling to 1.2802 after the U.S. jobs data release. Headline data beat estimates but wage inflation remained weak yet again. USDCAD then climbed higher marginally breaking the weekly high of 1.2870 to 1.2880 before closing the day unchanged at 1.2850. Overnight, broad-based USD weakness took the pairing down to 1.2830 before a move higher to 1.2870 this morning. That level held yet again (5th test over the past 3 days) and USDCAD has fallen back towards session lows near 1.2837. In the absence of any key economic releases today, the NZD and the EUR are the best performing currencies while the GBP is the worst performer although trading ranges have been fairly narrow. Markets now turn the focus to Wednesday's U.S. Fed interest rate announcement. It is widely expected that the Fed will raise the key rate to 1.50% from 1.25% but could convey a "pause" with regard to hikes in 2018 given recent comments from Fed members / concerns over low inflation. The previous Fed forecast suggests 4 hikes for 2018 but that could be trimmed to just 2-3 hikes. Currently, the TSX and the DJIA are up 0.06% and 0.11% respectively. EURCAD is up 0.50% trading between 1.5119 and 1.5182. GBPCAD is down 0.25% trading between 1.7145 and 1.7238. JPYCAD is up 0.20% trading between 0.01130 and 0.01135. Gold is unchanged trading between $1,245 and $1,252USD/oz., silver is unchanged trading between $15.74 and $15.88USD/oz., while oil is up 0.75% trading between $56.92 and $57.85.

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

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