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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 31, 2018

USDCAD spot rate: 1.2271 - 1.2276 (as at 8:06am PST)

Ranges:

Asia:

1.2269

to

1.2350

Europe:

1.2249

To

1.2298

North America:

1.2251

To

1.2297

Technical Support / Resistance:

S2

S1

R1

R2

1.2245

1.2245

1.2354

1.2395

Key Economic Data Releases:

- Canada GDP (Nov): 0.4% (exp 0.04% / prev 0.0%)

- U.S. ADP employment change: 234k (exp 185k / prev 242k)

- U.S. Fed interest rate: 11am

Event Calendar:

Date

Canada

U.S.A.

Feb. 1

Feb. 2

Markit manufacturing PMI

Markit / ISM manufacturing PMI

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

At 11am PST, the Federal Reserve will announce its latest monetary-policy decision. With all economists surveyed expecting no change, investors will closely read the statement for any hints of a hawkish turn. Today also marks Janet Yellen's last meeting as Fed Chair, with Jerome Powell taking the position when her term ends on Feb.3. Investors are pricing in an 85% chance of a hike at the first meeting he will chair next month. There is no press conference scheduled today. President Trump delivered his first State of Union address yesterday, saying that the U.S. has arrived at a new American moment of wealth and opportunity. There was little of the president's trademark antagonism in the speech as he made a bid for a bipartisan tone, promising to unify the country. His opponents did not think he went far enough, with some grumblings and booing among Democrats in the Congress during the speech. There was little policy in the address for markets to latch on to, with the USD weakening in the aftermath. Currently, the TSX is down 0.11% and the DOW is up 0.60%. EURCAD is down 0.12% trading between 1.5256 and 1.5325. GBPCAD is down 0.29 trading between 1.7346 and 1.7478. JPYCAD is down 0.87% trading between 0.01124 and 0.01133. Gold is up 0.40% trading between $1,336 and $1,345USD/oz., silver is up 1.03% trading between $17.09 and $17.32USD/oz., while oil is down 0.42% trading between $63.80 and $64.45.

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

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