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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 25, 2018

USDCAD spot rate: 1.2970 - 1.2975 (as at 8:11am PST)

Ranges:

Asia:

1.2878

to

1.2910

Europe:

1.2887

to

1.2924

North America:

1.2905

to

1.2987

Technical Support / Resistance:

S2

S1

R1

R2

1.2825

1.2887

1.2987

1.3050

Key Economic Data Releases:

- U.S. durable goods orders: -1.7%(exp -1.4%/prev 2.7%)ex transport.: 0.9%(exp 0.5%/prev 0.4%)

- U.S. consumer sentiment index: 98.0 (exp 98.8 / prev 98.8)

Event Calendar:

Date

Canada

U.S.A.

May 28

May 29

May 30

May 31

June 1

Victoria Day

Current account Q1

GDP Q1, Bank of Canada interest rate

GDP(March)

Memorial Day

ADP employment, GDP Q1

Non-farm payrolls, unemployment rate, avg. hourly earnings

Yesterday, USDCAD climbed from 1.2825 up to 1.2919 before falling to 1.2871. The pairing then held near 1.2880/90 for the balance of the session. The pairing broke above the recent 1.2910-1.2924 resistance zone this morning on the back of a broadly stronger USD and a 3%+ fall in oil prices. Comments from Russian and Saudi officials suggest that oil output could be increased in June. USDCAD has tested the May highs near 1.2987 this morning with pull-backs limited to 1.2958 thus far. Ironically, USD 10 year yields are down again to 2.93% - near 3 week lows. However, the USD has been well bid across the board this morning with EURUSD reaching 7 month lows and GBPUSD nearing 5 month lows. Currently, the TSX and the DJIA are down 0.29% and 0.19% respectively. EURCAD is up 0.15% trading between 1.5080 and 1.5152 – near 4 month lows. GBPCAD is up 0.20% trading between 1.7198 and 1.7319 – near 4 month lows. JPYCAD is up 0.75% trading between 0.01174 and 0.01189 – near 2 month highs. Gold is down 0.10% trading between $1,301 and $1,308USD/oz., silver is down 0.67% trading between $16.49 and $16.71USD/oz., while oil is down 3.22% trading between $68.30 and $70.80.

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

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