Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 30, 2018

USDCAD spot rate: 1.2887 - 1.2892 (as at 8:22am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. ADP employment change: 178k (exp 190k / prev 163k)

- U.S. GDP Q1: 1.9% (exp 2.0% / prev 2.0%)

- Bank of Canada interest rate: 1.25% (exp 1.25% / prev 1.25%)

- BoC rate statement: https://www.bankofcanada.ca/2018/05/fad-press-release-2018-05-30/

Event Calendar:

Bank of Canada left interest rates on hold for a 3^rd straight decision this morning but gave an upbeat assessment of the economy and removed some of its more cautious language, potentially indicating a greater willingness to return to a hiking cycle. In its announcement, which kept the benchmark rate unchanged at 1.25%, the central bank said continued growth in the economy further reinforces the view that higher interest rates will be warranted. Crucially, policy makers removed language that had appeared in the five most recent statements about remaining cautious on any future policy adjustments, replacing it with a pledge to take a gradual approach. They also dropped another line about the need to keep some monetary accommodation in place over time. Also absent was any reference to labour slack. After the announcement this morning the USD/CAD dropped from 1.30 to 1.2850. Currently, the TSX is up 0.16% and the DOW is up 0.91%. EURCAD is down 0.46% trading between 1.4918 and 1.5118. GBPCAD is down 0.93% trading between 1.7061 and 1.7303. JPYCAD is down 1.52% trading between 0.01180 and 0.01201. Gold is down 0.04% trading between $1,295 and $1,302USD/oz., silver is up 0.34% trading between $16.31 and $16.47USD/oz., while oil is up 1.91% trading between $66.37 and $68.04.

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