Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 22, 2018

USDCAD spot rate: 1.3330 - 1.3335 (as at 8:28am PST)

Technical Support / Resistance:

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:

Yesterday, USDCAD climbed from 1.3316 up to 1.3335 before falling to 1.3283. The pairing then made a 2^nd run stalling at 1.3331 and fell back to 1.3295. A 3^rd 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 2^nd 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