Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver August 17, 2018

USDCAD spot rate: 1.3082 - 1.3087 (as at 7:58am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada CPI m/m: 0.5% (exp 0.1% / prev 0.1%) y/y: 3.0% (exp 2.5% / prev 2.5%)

- Canada core CPI common: 1.9% (prev 1.9%) median: 2.0% (prev 2.0%) trim: 2.1% (prev 2.0%)

- Canada investment in foreign securities: $11.29 billion (prev $5.40 billion)

- Foreign investment in Canadian securities: $11.55billion (exp $4.91 billion / prev $3.01 billion)

- U.S. consumer sentiment index: 95.3 (exp 98.0 / prev 97.9)

Event Calendar:

Yesterday, USDCAD held a 1.3111 – 1.3176 range finishing the day unchanged at 1.3150. Overnight, there was an early move to 1.3171, the 4^th time this week the 1.3170/1.3175 resistance zone has been tested (also representing a 4 week high). Canadian inflation data for July was released this morning coming in at the highest level since 2011. The much higher than expected headline readings caused the CAD to surge taking USDCAD down 1 cent to 1.3063, just shy of this week's low of 1.3048. The probability of the Bank of Canada hiking interest rates two more times this year has increased. The pairing has since corrected higher to 1.3107 before another round of selling has taken it back down to 1.3081. Currently, the TSX and the DJIA are both unchanged after yesterday's gains. EURCAD is down 0.16% trading between 1.4889 and 1.4999 – near 9 month lows. GBPCAD is down 0.35% trading between 1.6621 and 1.6753 – near 9 month lows. JPYCAD is unchanged trading between 0.01183 and 0.01191 – near a 1 month high. Gold is up 0.25% trading between $1,172 and $1,180USD/oz., silver is unchanged trading between $14.59 and $14.76USD/oz., while oil is up 0.60% trading between $65.28 and $66.36.

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