Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 11, 2019

USDCAD spot rate: 1.3250 - 1.3255 (as at 8:16am PST)

Ranges:

Asia:

1.3200

to

1.3240

Europe:

1.3182

to

1.3220

North America:

1.3194

to

1.3275

Technical Support / Resistance:

S2

S1

R1

R2

1.3130

1.3182

1.3275

1.3320

Key Economic Data Releases:

- U.S. consumer price index m/m: -0.1% (exp -0.1% / prev 0%) y/y: 1.9% (exp 1.9% / prev 2.2%)

- U.S. CPI ex food & energy m/m: 0.2% (exp 0.2% / prev 0.2%) y/y: 2.2% (exp 2.2% / prev 2.2%)

Event Calendar:

Date

Canada

U.S.A.

Jan 14

Jan 15

Jan 16

Jan 17

Jan 18

CPI, portfolio investment

Producer price index, NY Empire state mfg.

Retail sales

Philly Fed mfg. survey, initial jobless claims

Industrial production, consumer sentiment

Yesterday, USDCAD climbed from 1.3210 up to 1.3259 before falling back to 1.3220 as U.S. Fed Chairman Powell re-confirmed the dovish shift by the U.S. Fed. Broad-based USD selling resumed overnight taking USDCAD down to 1.3182 – a retest of Wednesday's low. Oil prices broke above $53 overnight having now rallied by 25% over the past two and a half weeks. The CAD has been the best performing currency in 2019 and has gained in 8 out of 9 days vs. the USD. The pairing bounced back to 1.3220 ahead of the U.S. inflation report. Inflation did decline last month meeting economists' forecasts and the USD has staged a widespread recovery taking USDCAD up to 1.3275 – marginally above yesterday's 1.3259 high. The pairing has since fallen to 1.3250. Oil prices have erased earlier gains and are now down on the day. Currently, the TSX is unchanged while the DJIA is down 0.50%. EURCAD is unchanged trading between 1.5183 and 1.5265 – near 1 month lows. GBPCAD is up 0.73% trading between 1.6757 and 1.7004 – also near 1 month lows. JPYCAD is up 0.22% trading between 0.01216 and 0.01224 – near 2 year highs. Gold is up 0.31% trading between $1,286 and $1,295USD/oz – near 7 month highs, silver is up 0.62% trading between $15.55 and $15.74USD/oz – near 6 month highs, while oil is down 0.32% trading between $51.44 and $53.57 – near 6 week highs.

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

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