Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 28, 2018

USDCAD spot rate: 1.2930 - 1.2935 (as at 8:08am PST)

Ranges:

Asia:

1.3019

to

1.3051

Europe:

1.2988

to

1.3025

North America:

1.2911

to

1.3016

Technical Support / Resistance:

S2

S1

R1

R2

1.2880

1.2911

1.2980

1.3015

Key Economic Data Releases:

- Canada GDP (July): 0.2% (exp 0.1% / prev 0%)

- U.S. core PCE price index m: 0% (exp 0.1% / prev 0.2%) y/y: 2% (exp 2% / prev 2%)

- U.S. personal income: 0.3% (exp 0.4% / prev 0.3%)

- U.S. personal spending: 0.3% (exp 0.3% / prev 0.4%)

- U.S. Chicago PMI: 60.4 (exp 62.5 / prev 63.6)

- U.S. consumer sentiment index: 100.1 (exp 100.8 / prev 100.8)

Event Calendar:

Date

Canada

U.S.A.

Oct 1

Oct 2

Oct 3

Oct 4

Oct 5

Markit mfg PMI

Ivey PMI

Int'l merchandise trade, net employment change, unemployment rate

ISM mfg. PMI

ADP employment change, ISM non-mfg. PMI

Non-farm payrolls, unemployment rate, average hourly earnings, trade balance

Yesterday, USDCAD climbed from 1.3010 up to 1.3083 before falling back to 1.3015. The pairing then climbed back to hold within a 1.3030 to 1.3050 range for the balance of the session. Bank of Canada governor Poloz was talking late yesterday and commented that the Bank of Canada will continue to raise interest rates gradually. He was also optimistic on NAFTA. The CAD was the best performing currency overnight with USDCAD falling to 1.2988 before bouncing back to 1.30 ahead of the Canadian July GDP report. Canadian GDP was better than expected taking USDCAD down to 1.2954. Corrective bounces have been limited to 1.2985 and a subsequent move lower has taking the rate down to 1.2911 – near 4 month lows. Today's move completely erases the post U.S. Fed rate hike move that took USDCAD from 1.2980 up to 1.3083. The EURO is under pressure today and trades near 5 week lows on budget concerns in Italy. Currently, the TSX is down 0.35% while the DJIA is up 0.20%. EURCAD is down 1% trading between 1.5010 and 1.5188 – near 5 week lows. GBPCAD is down 1% trading between 1.6852 and 1.7062 – near 1 month lows. JPYCAD is down 1% trading between 0.01140 and 0.01150 – near 8 month lows. Gold is up 0.60% trading between $1,180 and $1,190USD/oz., silver is up 2.8% trading between $14.20 and $14.64USD/oz., while oil is up 1% trading between $71.86 and $73.20 – 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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