USDCAD spot rate: 1.3125 - 1.3130 (as at 7:56am PST)
Technical Support / Resistance:
Key Economic Data Releases:
- Canada CPI m/m: 0.2% (exp. 0.1%/prev0.4%) y/y: 1.5% (exp. 1.4%/prev. 1.5%)
- Canada CPI Core m/m: 0%(exp. 0%/prev. 0.3% ) y/y: 2.1% (exp. 2.0%/prev. 2.1%)
- Canada retail sales: 0.2% (exp. 0%/prev 0.8%)
- U.S. manufacturing PMI: 52.9 (exp. 51.6)
Key Event Calendar:
Date Canada U.S.A.
Services PMI, consumer confidence, new home sales
Durable goods, Fed interest rate decision, crude oil inv
Goods trade balance
GDP Q2 prelim, Chicago PMI, consumer sentiment
Yesterday, USDCAD held in a tight 1.3014 – 1.3060 range for most of the day before a late break higher
towards 1.3096. Overnight, the pairing climbed to 1.3140, the highest rate this month before falling back to
1.31 ahead of the 5:30am data releases. Both Canadian retail sales and inflation data beat estimates and
USDCAD quickly dropped to 1.3056. The pairing has since bounced breaking through the overnight high
and extending up to 1.3180. This is close to the highest level since late March when USDCAD tested the
1.3280 level. Currently, the TSX and the DJIA are essentially unchanged on the day. EURCAD is up
0.25% trading between 1.4381 and 1.4494. GBPCAD is down 0.75% trading between 1.7102 and 1.7455.
JPYCAD is up 0.75% trading between 0.01231 and 0.01240. Gold is down 0.77% trading between $1,320
and $1,334USD/oz., silver is down 0.63% trading between $19.58 and $19.94USD/oz., while oil is down
1.23% trading between $44.08 and $44.94.