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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 15, 2017

USDCAD spot rate: 1.2827 - 1.2832 (as at 8:45am PST)

Ranges:

Asia:

1.2770

to

1.2806

Europe:

1.2739

to

1.2780

North America:

1.2755

to

1.2842

Technical Support / Resistance:

S2

S1

R1

R2

1.2650

1.2713

1.2865

1.2917

Key Economic Data Releases:

- Canada manufacturing sales: -0.4% (exp 0.8% / prev 0.4%)

- U.S. industrial production: 0.2% (exp 0.3% / prev 1.2%)

Event Calendar:

Date

Canada

U.S.A.

Dec. 18

Dec. 19

Dec. 20

Dec. 21

Dec. 22

Foreign securities transactions

Wholesale sales

CPI, retail sales, ADP employment

GDP (Oct.)

Housing starts, building permits

Existing home sales

GDP Q3, Philly Fed manufacturing

Durable goods orders, new home sales

Yesterday, USDCAD initially climbed from 1.2800 up to 1.2865 before plunging to 1.2713. The pairing would bounce back to hold near 1.2850 before a late session return to the 1.2800 level. The USD initially moved higher on stronger retail sales data. Then at 9:30am, hawkish / optimistic comments from the Bank of Canada Governor sent USDCAD down to 1.2713 – a 7 day low. The BOC has maintained a "cautious approach" towards further interest rate hikes – Poloz elaborated that this does not necessarily mean the BOC will remain on hold. Later in the afternoon Poloz also mentioned that the BOC wants the "economy to run hotter for a while" and that "we are a year or two behind the U.S. in the (interest rate hike) cycle." Those comments sent USDCAD back up to 1.2800. Overnight, the pairing dipped to 1.2739 before climbing back to 1.2840 this morning. The trend albeit very choppy in recent weeks, appears firmly neutral within a 1.2650 – 1.2900 range. Currently, the TSX and the DJIA are up 0.50% and 0.60% respectively. EURCAD is up 0.25% trading between 1.5010 and 1.5112. GBPCAD is down 0.75% trading between 1.7005 and 1.7186. JPYCAD is up 0.30% trading between 0.01135 and 0.01140. Gold is unchanged trading between $1,253 and $1,262USD/oz., silver is up 0.73% trading between $15.87 and $16.08USD/oz., while oil is up 0.50% trading between $56.96 and $57.48.

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

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