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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver February 23, 2018

USDCAD spot rate: 1.2670 - 1.2675 (as at 8:03am PST)

Ranges:

Asia:

1.2702

to

1.2722

Europe:

1.2685

to

1.2724

North America:

1.2617

to

1.2706

Technical Support / Resistance:

S2

S1

R1

R2

1.2555

1.2625

1.2725

1.2750

Key Economic Data Releases:

- Canada CPI m/m: 0.7% (exp 0.4% / prev -0.4%) y/y: 1.7% (exp 1.4% / prev 1.9%)

- Canada Core CPI common: 1.8% (prev 1.6%) trim: 1.5% (prev 1.4%) median: 1.8% (prev 1.8%)

Event Calendar:

Date

Canada

U.S.A.

Feb. 26

Feb. 27

Feb. 28

Feb. 29

Feb. 30

Raw mat. / industrial product prices

Current acct., Markit mfg. PMI

GDP (Dec) / GDP Q4 annualized

New home sales

Durable goods, housing price index

GDP Q4, Chicago PMI, pending home sales

Core PCE price index, personal income / spending, ISM / Markit mfg. pmi

Consumer sentiment index

Yesterday, USDCAD climbed from 1.2700 up to 1.2753, the 5th consecutive day of gains for the USD. The catalyst for the early move higher was weaker than expected Canadian retail sales data for December. The move higher quickly reversed as positive market sentiment, a drop in U.S. yields, and higher oil prices (+1.60% towards $63) caused a weaker USD taking USDCAD down to 1.2670. The pairing climbed back to eventually settle in a 1.2690 - 1.2720 range for the balance of the session as U.S. 10 year yields returned to 2.94% near 4 year highs. The CAD is the best performing currency today after Canadian inflation (CPI for January) came in much stronger than expected. USDCAD dropped from 1.27 to 1.2617/22 on the headlines. The move was short-lived with USDCAD climbing back to test the 1.2700 level. With positive market sentiment, higher oil prices, and U.S. 10 year yields falling to 2.87%, the USD is under some pressure this morning and USDCAD has fallen back to 1.2670. Currently, the TSX and the DJIA are up 0.36% and 0.55% respectively. EURCAD is down 0.70% trading between 1.5520 and 1.5675. GBPCAD is down 0.20% trading between 1.7650 and 1.7782. JPYCAD is down 0.30% trading between 0.01183 and 0.01190. Gold is unchanged trading between $1,325 and $1,331USD/oz., silver is down 0.50% trading between $16.50 and $16.63USD/oz., while oil is up 0.85% trading between $62.34 and $63.32.

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

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