Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 21, 2018

USDCAD spot rate: 1.2910 - 1.2915 (as at 7:40am PST)

Ranges:

Asia:

1.2896

to

1.2917

Europe:

1.2894

to

1.2920

North America:

1.2884

to

1.2945

Technical Support / Resistance:

S2

S1

R1

R2

1.2860

1.2883

1.2930

1.3050

Key Economic Data Releases:

- Canada retail sales: 0.3% (exp 0.4% / prev -0.1%) ex autos: 0.9% (exp 0.6% / prev 0.1%)

- Canada CPI m/m: -0.1% (exp -0.1% / prev 0.5%) y/y: 2.8% (exp 2.8% / prev 3.0%)

- Canada CPI core common: 2.0% / prev 1.9% Median: 2.1% / prev 2.0% Trim: 2.2% / prev 2.1%

- U.S. Markit manufacturing PMI: 55.6 (exp 55.0 / prev 54.7

- U.S. Markit services PMI: 52.6 (exp 55.0 / prev 54.8)

Event Calendar:

Date

Canada

U.S.A.

Sept 24

Sept 25

Sept 26

Sept 27

Sept 28

Wholesale sales

GDP (July)

Housing price index, Rmd Fed mfg. index

New home sales, Fed interest rate, economic projections, press conference

GDP Q2, Durable goods orders, pending home sales

Core personal consumption exp. price index, personal income / spending, Chicago PMI, consumer sentiment

Yesterday, USDCAD dropped for the 4th consecutive day, initially falling from 1.2925 down to 1.2883 – a 3 month low before climbing back to 1.2930. The pairing then settled in a 1.2895 – 1.2915 range for the balance of the day. The USD broadly weakened with the USD index falling to 3 month lows @ 93.83. Back on August 15th, the index had tested 97.00 – a 14 month high. Overnight, the USD broadly recovered with the index rising to 94.33. GBPCAD dropped over two cents erasing yesterday's gains and falling within 2.5 cents of a 10 month low after European leaders rejected UK Prime Minister May's proposal. PM May acknowledged today that Brexit talks were at an impasse and had some harsh words for the EU. Canada reported good retail sales and higher core inflation data sending USDCAD from 1.2925 down to 1.2884 – near yesterday's lows. A U.S. White House official commented that the U.S. was close to a NAFTA with Mexico but not Canada – USDCAD jumped to 1.2945 on the headlines. The pairing has since fallen back to 1.2910 as oil prices have surged 2% towards a 2 month high. Currently, the TSX and the DJIA are up 0.41% and 0.11% respectively. EURCAD is down 0.11% trading between 1.5154 and 1.5226 – about average for this month. GBPCAD is down 1.33% trading between 1.6862 and 1.7139 – near 10 month lows. JPYCAD is unchanged trading between 0.01143 and 0.01148 – near 8 month lows. Gold is down 0.56% trading between $1,191 and $1,211USD/oz., silver is unchanged trading between $14.16 and $14.43USD/oz., while oil is up 2% trading between $70.11 and $71.66 – near 2 month highs.

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

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