Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 15, 2018

USDCAD spot rate: 1.3190 - 1.3195 (as at 8:03am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada manufacturing shipments: -1.3% (exp 0.6% / prev 1.4%)

- Foreign portfolio investment in Cdn. securities: $9.13 billion (exp $5.49b / prev $6.40b)

- U.S. NY Empire State manufacturing index: 25 (exp 19 / prev 20.1)

- U.S. industrial production: -0.1% (exp 0.2% / prev 0.0%)

- U.S. consumer sentiment index: 99.3 (exp 98.5 / exp 98.0)

Yesterday, USDCAD initially dipped from 1.2980 down to 1.2949 before surging to 1.3109. The main catalyst for the broadly stronger USD was a dovish European Central Bank that saw the EUR decline by 3 cents within a 12 hour period. The uptrend has continued today with USDCAD touching 1.3200 – a 1 year high. Equity markets and commodities are trending lower today as the U.S. / China trade war escalates with the U.S. announcement of 25% tariffs on up to $50 billion of Chinese goods and China threatening to retaliate. The USD index (DXY) surged yesterday and hit 1 year highs in early Asian trade. However with the announcement of the tariffs, the USD has broadly weakened. (with the exception of the commodity bloc (AUD / CAD / NZD) Currently, the TSX and the DJIA are down 0.25% and 1% respectively. EURCAD is up 1.15% trading between 1.5150 and 1.5340 – near 1 month highs. GBPCAD is up 0.87% trading between 1.7368 and 1.7544 – near 6 week highs. JPYCAD is up 0.80% trading between 0.01183 and 0.01195 – near 2 month highs. Gold is down 2% trading between $1,278 and $1,303USD/oz., silver is down 3.30% trading between $16.62 and $17.25USD/oz., while oil is down 2.80% trading between $64.85 and $67.09.

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

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