Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 9, 2019

USDCAD spot rate: 1.3230 - 1.3235 (as at 8:10am PST)

Ranges:

Asia:

1.3223

to

1.3256

Europe:

1.3229

to

1.3248

North America:

1.3180

to

1.3248

Technical Support / Resistance:

S2

S1

R1

R2

1.3100

1.3150

1.3299

1.3350

Key Economic Data Releases:

- BoC interest rate decision: 1.75% (exp 1.75% / prev 1.75%)

https://www.bankofcanada.ca/2019/01/fad-press-release-2019-01-09/

- FOMC minutes: 11am

Event Calendar:

Date

Canada

U.S.A.

Jan 10

Jan 11

Building permits, new housing price index

Initial jobless claims

Consumer price index

The Bank of Canada indicated less urgency in its push toward raising interest rates as the economy copes with slumping oil prices and adjusts to previous hikes. The Ottawa-based central bank left its overnight benchmark rate unchanged at 1.75% for a second straight decision Wednesday, saying the nation has dipped into a temporary slowdown that will create a modest amount of excess capacity and curb inflationary pressures. Weaker-than-expected consumption and housing activity also suggests the 5 hikes since mid-2017 may be having a stronger impact than expected, policy makers said. Overall, it's a marking down of Canada's near-term outlook that reflects weakness in one of the country's key industries. The Canadian dollar rose, however, after the central bank reiterated it still expects to eventually hike multiple times to a neutral range of somewhere between 2.5 percent and 3.5 percent. Currently, the TSX is up 0.48% while the DOW is up 0.29%. EURCAD is up 0.42% trading between 1.5145 and 1.5264. GBPCAD is up 0.01% trading between 1.6829 and 1.6931. JPYCAD is up 0.49% trading between 0.01213 and 0.01225. Gold is up 0.36% trading between $1,280 and $1,291USD/oz, silver is up 0.08% trading between $15.58 and $15.77USD/oz., while oil is up 2.29% trading between $50.18 and $51.50.

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

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