Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 26, 2018


USDCAD spot rate: 1.2317 - 1.2322 (as at 7:56am PST)

Ranges:

Asia:

1.2344

to

1.2384

Europe:

1.2304

to

1.2363

North America:

1.2300

to

1.2362

Technical Support / Resistance:

S2

S1

R1

R2

1.2282

1.2300

1.2390

1.2420

Key Economic Data Releases:

- Canada CPI m/m: -0.4% (exp -0.3% / prev 0.3%) y/y: 1.9% (exp 1.9% / prev 2.1%)

- Canada CPI core common: 1.6% (prev 1.5%) Trim: 1.9% (prev 1.8%) Median 1.9% (prev 1.9%)

- U.S. GDP Q4 annualized (first reading): 2.6% (exp 3.0% / prev 3.2%)

- U.S. GDP price index: 2.4% (exp 2.3% / prev 2.1%)

- U.S. durable goods orders: 2.9% (exp 0.8% / prev 1.7%)

Event Calendar:

Date

Canada

U.S.A.

Jan. 29

Jan. 30

Jan. 31

Feb. 1

Feb. 2

GDP (Nov.)

Markit manufacturing PMI

Personal income / spending, core PCE index

Home price indices

ADP employment change, Fed interest rate

Markit / ISM manufacturing PMI

Non-farm payrolls, unemployment rate, Avg. hourly earnings, consumer sentiment index

Yesterday, USDCAD initially dropped from 1.2350 down to 1.2290 before bouncing back up to 1.2340 on NAFTA headlines. The pairing then dropped back down to 1.2282 – a new 4 month low before comments from U.S. President Trump: "The dollar is going to get stronger and stronger, and ultimately I want to see a strong dollar." sent the USD higher across the board. USDCAD climbed to 1.2390 with pull-backs limited to 1.2360. The EURUSD surged from 1.2390 up to 1.2538 after the ECB interest rate decision and press conference – the highest level since Dec. 2014. Trump's strong dollar comments then knocked the EURUSD down to 1.2363. The GBPUSD rate had reached 1.4344 – the highest since the Brexit vote back in June of 2016. Trump's comments knocked the GBP back down to 1.4083. Overnight, a broad reversal took place as much of the USD gains were given back. USDCAD dropped back to 1.2300 before a spike up to 1.2360 this morning after Canadian headline CPI missed estimates. Core values were stronger and the pairing quickly fell back to 1.2307. Overall, the USD has recovered a good portion of its overnight losses despite the initial U.S. GDP (Q4) reading missing estimates and USDCAD has since climbed to 1.2332. Currently, the TSX is unchanged while the DJIA is up 0.28%. EURCAD is down 0.20% trading between 1.5289 and 1.5383. GBPCAD is down 0.25 trading between 1.7432 and 1.7596. JPYCAD is up 0.40% trading between 0.01125 and 0.01134. Gold is down 1% trading between $1,345 and $1,357USD/oz., silver is down 1.50% trading between $17.30 and $17.55USD/oz., while oil is up 0.45% trading between $65.24 and $65.89.

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

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