Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 24, 2018

USDCAD spot rate: 1.3010 - 1.3015 (as at 8:07am PST)

Ranges:

Asia:

1.3069

to

1.3090

Europe:

1.3078

to

1.3101

North America:

1.2987

to

1.3090

Technical Support / Resistance:

S2

S1

R1

R2

1.2900

1.2950

1.3113

1.3185

Key Economic Data Releases:

- Bank of Canada interest rate decision: 1.75% (exp 1.75 / prev 1.50%)

https://www.bankofcanada.ca/2018/10/fad-press-release-2018-10-24/

- U.S. markit mfg: 55.9 (exp 55.5 / prev 55.6)

- U.S. services PMI: 54.7 (exp 54.0 / exp 53.5)

- U.S. new home sales: 0.553M (exp 0.625M / prev 0.858M)

Event Calendar:

Date

Canada

U.S.A.

Oct 25

Oct 26

Retail sales, CPI

Durable goods orders, pending home sales

GDPQ3, Core personal consumption expenditure

The Bank of Canada pressed ahead with a fresh interest rate increase, and acknowledged for the first time in more than a decade that it expects to completely remove monetary stimulus from the economy. The Ottawa-based central bank raised its overnight benchmark rate by a quarter point to 1.75%, the third hike this year and fifth since it began increasing rates in 2017. More importantly, its statement dropped references to taking a "gradual approach" and added language about the need to bring rates to levels that are no longer expansionary. Governing Council agrees that the policy interest rate will need to rise to a neutral stance to achieve the inflation target, policy makers led by Governor Stephen Poloz said, adding the pace will depend on how Canada's economy adjusts to higher rates and how global trade policy unfolds. The statement suggests policy makers, buoyed by the country's new trade deal with the U.S. and Mexico, are growing increasingly determined to return the nation's historically low borrowing costs to more normal levels, since a run of strong data suggests the economy is running up against capacity and is healthy enough to cope with rate normalization. The Canadian dollar jumped 0.8% after the statement. BoC will be holding a press conference at 8:15am this morning. Currently, the TSX is down 0.84% and the DOW is down 0.46%. EURCAD is down 1.26% trading between 1.4808 and 1.5012. GBPCAD is down 1.09% trading between 1.6783 and 1.6992. JPYCAD is down 0.69% trading between 0.01155 and 0.01164. Gold is down 0.03% trading between $1,225 and $1,233USD/oz., silver is down 0.25% trading between $14.67 and $14.80USD/oz., while oil is up 0.61% trading between $66.07 and $67.32.

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

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