USDCAD spot rate: 1.3330 - 1.3335 (as at 8:28am PST)
Ranges: | Asia: | 1.3292 | to | 1.3320 |
Europe: | 1.3260 | to | 1.3302 | |
North America: | 1.3266 | to | 1.3382 |
Technical Support / Resistance:
S2 | S1 | R1 | R2 |
1.3260 | 1.3310 | 1.3350 | 1.3380 |
Key Economic Data Releases:
- Canada retail sales (April): -1.2% (exp 0% / prev 0.8%) ex autos: -0.1% (exp 0.5% / prev 0%)
- Canada CPI (May) m/m: 0.1% (exp 0.3% / prev 0.3%) y/y: 2.2% (exp 2.5% / prev 2.2%)
- Canada CPI core common: 1.9% (prev 1.9%) median: 1.9% (prev 1.9%) trim: 1.9% (prev 2.1%)
- U.S. Markit manufacturing PMI: 54.6 (exp 56.5 / prev 56.4)
- U.S. Markit services PMI: 56.5 (exp 56.4 / exp 56.8)
Event Calendar:
Date | Canada | U.S.A. |
June 25 June 26 June 27 June 28 June 29 | GDP, BOC business outlook survey | New home sales Home price indices, Rmd Fed mfg. index Durable goods orders, pending home sales GDP (Q1 annualized) Personal income / spending, Chicago PMI |
Yesterday, USDCAD climbed from 1.3316 up to 1.3335 before falling to 1.3283. The pairing then made a 2nd run stalling at 1.3331 and fell back to 1.3295. A 3rd run late in the session stalled at 1.3320. Overnight, USDCAD declined to 1.3260 on broad-based USD weakness. USDCAD spiked to 1.3382 at 5:30am as both Canadian retail sales (April) and inflation data (May) missed estimates. The move was short-lived with USDCAD falling back to today's opening level near 1.3309. Positive market sentiment appears to be holding through the NA session while oil prices have surged nearly 4% on the back of positive comments from OPEC. The market may have been anticipating a higher level of increased production given estimates that oil demands in the 2nd half of this year could increase by 2 million barrels per day. OPEC announced an increase of 1 million bpd. A second move higher stalled just shy of 1.3350 and USDCAD has since fallen back below 1.3320. Currently, the TSX and the DJIA are up 0.90% and 0.52% respectively. EURCAD is up 0.50% trading between 1.5430 and 1.5585 – near 2 month highs. GBPCAD is up 0.30% trading between 1.7625 and 1.7772 – near 2 month highs. JPYCAD is up 0.20% trading between 0.01203 and 0.01214 – near 3 month highs. Gold is unchanged trading between $1,266 and $1,271USD/oz., silver is up 0.46% trading between $16.30 and $16.46USD/oz., while oil is up 3.63% trading between $66.13 and $68.19.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group