Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 16, 2018

USDCAD spot rate: 1.3140 - 1.3145 (as at 8:17am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada manufacturing sales: 0.2% (exp 0.1% / prev -0.4%)
- Canadian portfolio investment in foreign securities: $10.59 billion (prev -$0.29 billion)
- Foreign investment in Canadian securities: $7.70 billion (prev $2.63 billion)
- U.S. industrial production: 0.1% (exp 0.2% / prev 0.2%)

Event Calendar:

Yesterday, USDCAD dropped from 1.3250 down to 1.3156 – a 1 week low. GBPCAD dropped more than 4 cents on Brexit concerns after 7 key UK cabinet members resigned. Overnight, the GBP recovered while the USD broadly weakened with the USD index falling to a 7 session low – it had been hovering near a 17 month high earlier this week. USDCAD tested 1.3190 in early North American trade before falling to 1.3127 after better than expected Canadian manufacturing data. The pairing has since bounced back towards 1.3160. Currently, the TSX is down 0.12% while the DJIA is up 0.16%. EURCAD is up 0.38% trading between 1.4908 and 1.4997 – near 3 week highs. GBPCAD has recovered from yesterday's 4 cent decline - up 0.20% trading between 1.6814 and 1.6944. JPYCAD is up 0.40% trading between 0.01159 and 0.01166. Gold is up 0.61% trading between $1,213 and $1,225USD/oz., silver is up 0.53% trading between $14.21 and $14.40USD/oz., while oil is up 1.20% trading between $56.38 and $57.93 – up nearly 6% from Tuesday's 1 year low.

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