Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver March 2, 2018

USDCAD spot rate: 1.2890 - 1.2895 (as at 8:18am PST)

Ranges:

Asia:

1.2816

to

1.2843

Europe:

1.2825

to

1.2866

North America:

1.2853

to

1.2895

Technical Support / Resistance:

S2

S1

R1

R2

1.2750

1.2800

1.2895

1.2925

Key Economic Data Releases:

- Canada GDP (Dec): 0.1% (exp 0.1% / prev 0.4%) Q3 annualized: 1.7% (exp 2.0% / prev 1.5%)

- Canada GDP y/y annualized: 3.3% (exp 3.3%)

- U.S. consumer sentiment index: 99.7 (exp 99.5 / prev 95.7)

Event Calendar:

Date

Canada

U.S.A.

Mar. 5

Mar. 6

Mar. 7

Mar. 8

Mar. 9

Ivey PMI

Int'l merchandise trade, Bank of Canada interest rate decision

Housing starts, building permits

Net employment change, unemployment rate

ISM non-manufacturing index

Factory orders

Trade balance

Non-farm payrolls, unemployment rate, average hourly earnings

Yesterday, USDCAD climbed from 1.2830 up to 1.2865 before falling to 1.2812. The pairing then climbed to 1.2895 on risk aversion flows as U.S. President Trump announced tariffs on steel and aluminum imports. The DJIA fell as much as 500 pts sending the JPY broadly higher (JPYCAD hit new 8 month highs). The move higher was short-lived with USDCAD falling to session lows at 1.2808 amidst broad-based USD weakness with bounces limited to 1.2835/40. Overnight, global equity markets saw broad declines taking USDCAD back up to 1.2883 ahead of the Canadian GDP data release. December and y/y data met expectations sending USDCAD down to 1.2853. The pairing quickly bounced to test yesterday's highs near 1.2895 as Q3 data missed estimates and prior data was revised lower. The pairing then eased lower to 1.2860 but is currently up testing the 1.2895 highs again. Currently, the TSX and the DJIA are down 0.32% and 1.25% respectively. EURCAD is up 1% trading between 1.5727 and 1.5888. GBPCAD is up 0.50% trading between 1.7657 and 1.7777. JPYCAD is up 1.30% trading between 0.01206 and 0.01222. Gold is up 1.25% trading between $1,315 and $1,325USD/oz., silver is up 1.25% trading between $16.38 and $16.58USD/oz., while oil is down 0.75% trading between $60.20 and $61.22.

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

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