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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 18, 2018

USDCAD spot rate: 1.2890 - 1.2895 (as at 7:48am PST)

Ranges:

Asia:

1.2800

to

1.2848

Europe:

1.2800

to

1.2838

North America:

1.2789

to

1.2910

Technical Support / Resistance:

S2

S1

R1

R2

1.2750

1.2800

1.2924

1.2975

Key Economic Data Releases:

- Canada retail sales: 0.6% (exp 0.3% / prev 0.5%) ex autos: -0.2% (exp 0.5% / prev 0%)

- Canada CPI m/m: 0.3% (exp 0.4% / prev 0.3%) y/y: 2.2% (exp 2.3% / prev 2.3%)

- Canada CPI core common: 1.9% (prev 1.9%) Median: 2.1% (prev 2.0%) Trim: 2.1% (prev 2.0%)

Event Calendar:

Date

Canada

U.S.A.

May 21

May 22

May 23

May 24

May 25

Victoria Day

Wholesale sales

Markit Mfg./services PMI, FOMC minutes

Existing home sales, housing price index

Durable goods orders, consumer sentiment index

Yesterday, USDCAD initially fell from 1.2790 down to 1.2747 before climbing to 1.2821. The pairing then eased lower to hold near 1.2790 – 1.2810 for the bulk of the North American session. There was a late pop to 1.2830 after U.S. trade rep Lighthizer commented that the countries were "nowhere close" to a NAFTA deal. Overnight, USDCAD eased back down to 1.2789 ahead of the 5:30am Canadian retail sales and inflation releases. Although headline retail sales data appeared strong, retail sales actually declined in March when auto sales are excluded. Inflation for April came in essentially as expected. The lack of further acceleration to the upside puts less pressure on the Bank of Canada to raise interests at its May 30th meeting. Since the data release, the CAD has been the worst performing currency on the day with USDCAD climbing to 1.2910 – just shy of Tuesday's 1.2924 high. The pairing continues to struggle above the 1.2900 level and has since fallen back to 1.2870. Currently, the TSX is unchanged while the DJIA is down 0.17%. EURCAD is up 0.25% trading between 1.5060 and 1.5181 – near 4 month lows. GBPCAD is up 0.15% trading between 1.7254 and 1.7383 – near 4 month lows. JPYCAD is up 0.50% trading between 0.01152 and 0.01164 – near 3 month lows. Gold is unchanged trading between $1,286 and $1,291USD/oz., silver is unchanged trading between $16.36 and $16.46USD/oz., while oil is down 0.20% trading between $71.20 and $71.74.

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

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