Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 23, 2018


USDCAD spot rate: 1.3215 - 1.3220 (as at 7:52am PST)

Ranges:

Asia:

1.3184

to

1.3210

Europe:

1.3194

to

1.3241

North America:

1.3188

to

1.3259

Technical Support / Resistance:

S2

S1

R1

R2

1.3127

1.3180

1.3260

1.3320

Key Economic Data Releases:

- Canada retail sales: 0.2% (exp 0.1% / prev 0%) ex autos: 0.1% (exp 0.3% / prev -0.4%)

- Canada CPI m/m: 0.3% (exp 0.1% / prev -0.1%) y/y: 2.4% (exp 2.2% / prev 2.2%)

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

- U.S. Markit manufacturing purchasing managers index: 55.4 (exp 55.7 / prev 55.7)

- U.S. Markit services purchasing managers index: 54.4 (exp 54.9 / prev 54.8)

Event Calendar:

Date

Canada

U.S.A.

Nov 26

Nov 27

Nov 28

Nov 29

Nov 30

GDP Q3

Housing price index

GDP Q3, new home sales

Personal income/spending, FOMC minutes

Chicago purchasing managers index

Yesterday, USDCAD dropped from 1.3245 down to 1.3181 – close to this week's opening levels (1.3141) and well off Tuesday's 5 month high of 1.3318. Overnight, USDCAD climbed back to 1.3241 ahead of the Canadian retail sales and inflation releases as oil prices plunged 6%+ from $54.09 down to $50.58 – a 13 month low. Over the past 7 weeks oil prices have fallen by 35% while USDCAD has climbed from 1.28 up to 1.33 over that time. Canadian retail sales rebounded more than expected in September while October inflation jumped more than expected. USDCAD dropped to 1.3188 on the data before climbing to session highs at 1.3259 – just shy of last week's triple-top @ 1.3264. Although oil prices have only marginally recovered to $51.26, USDCAD has retraced back down to 1.3215. Currently, the TSX and the DJIA are down 1% and 0.56% respectively. EURCAD is down 0.13% trading between 1.4961 and 1.5077 – near 1 week lows. GBPCAD is down 0.10% trading between 1.6913 and 1.7011. JPYCAD is up 0.52% trading between 0.01167 and 0.01175 – near 3 month highs. Gold is down 0.31% trading between $1,220 and $1,229USD/oz., silver is down 1.34% trading between $14.17 and $14.50USD/oz., while oil is down 5.37% trading between $50.58 and $54.09.

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

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