Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver March 16, 2018

USDCAD spot rate: 1.3090 - 1.3095 (as at 7:58am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada manufacturing shipments: -1.0% (exp -0.8% / prev -0.1%)

- U.S. housing starts: 1.236m (exp 1.29m / prev 1.329m) % change: -7% (prev 10.1%)

- U.S. building permits: 1.298m (exp 1.32m/prev 1.377m) %change: -5.7%(exp -12.3%/prev5.9%)

- U.S. industrial production: 1.1% (exp 0.3% / prev -0.3%)

- U.S. consumer sentiment index: 102 (exp 99.3 / prev 99.7)

Event Calendar:

Yesterday, USDCAD climbed from 1.2942 up to 1.3070 with pull-backs limited to1.3043. It was the first time USDCAD has closed above the 1.30 level since June 2017. Overnight, the pairing climbed to 1.3095 before falling back to 1.3064 on softer U.S. housing data. USDCAD has since bounced back to retest session highs. The JPY is the best performing currency despite positive market sentiment while the USD is the 2^nd strongest performer. The commodity block (AUD, CAD, NZD) are the worst performers. The main event risk is next Wednesday's U.S. interest rate decision along with economic projections. The market is currently pricing a 94% chance of a U.S. rate hike. Currently, the TSX and the DJIA are up 0.60% and 0.40% respectively. EURCAD is unchanged trading between 1.6050 and 1.6140. GBPCAD is unchanged trading between 1.8173 and 1.8292. JPYCAD is up 0.40% trading between 0.01227 and 0.01239. Gold is down 0.50% trading between $1,310 and $1,321USD/oz., silver is down 1% trading between $16.25 and $16.49USD/oz., while oil is unchanged trading between $61.09 and $61.40.

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