Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 30, 2018

USDCAD spot rate: 1.3290 - 1.3295 (as at 8:04am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada GDP Q3 annualized: 2.0% (exp 2.0% / prev 2.9%)

- Canada GDP (Sept): -0.1% (exp 0.1% / prev 0.1%)

- Canada industrial product price index: 0.2% (exp -0.5% / prev 0.2%)

- Canada raw material price index: -2.1% (exp -5.3% / prev -1.0%)

- U.S. Chicago purchasing managers index: 66.4 (exp 58.0 / prev 58.4)

Event Calendar:

Yesterday, USDCAD dropped from 1.3287 down to 1.3253 before spiking up to 1.3309. Oil prices briefly broke below the psychological $50 level – a 3% drop to $49.38 – the lowest price since October of 2017. Oil prices then rallied by 5.5% to $52.20 and USDCAD dropped back towards session lows. Overnight, USDCAD climbed to 1.3320 before falling back to 1.3290 ahead of the Canadian GDP report. Q3 data came in as expected although September GDP saw a slight contraction. USDCAD climbed to 1.3328 before falling back to 1.3295. Oil prices dropped below $50 again – down nearly 4% on the day but have since recovered by 2% sending USDCAD back to 1.3333 and back down to 1.3285. The USMCA trade agreement was officially signed at the G20 meeting earlier this morning while the market looks for a cooling of trade tensions with U.S. / China trade talks to be held this weekend. Currently, the TSX is down 0.31% while the DJIA is unchanged. EURCAD is down from 1 week highs by 0.31% trading between 1.5070 and 1.5150. GBPCAD is holding steady - down 0.05% trading between 1.6943 and 1.7033. JPYCAD is up 0.10% trading between 0.01170 and 0.01173 – near 3 month highs. Gold is down 0.38% trading between $1,216 and $1,228USD/oz., silver is down 1.43% trading between $14.05 and $14.34USD/oz., while oil is down 1.77% trading between $49.64 and $51.77 – near 13 month lows.

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