Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver March 1, 2019

USDCAD spot rate: 1.3235 - 1.3240 (as at 8:00am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada GDP (Dec): -0.1% (exp 0% / prev -0.1%)

- Canada GDP Q4 annualized: 0.4% (exp 1.2% / prev 2.0%)

- Canada Markit manufacturing index: 52.6 (prev 53.0)

- U.S. ISM manufacturing index: 54.2 (exp 55.5 / prev 56.6)

- U.S. personal income (Dec): 1% (exp 0.4% / prev 0.3%) Jan: -0.1% (exp 0.3% / prev 1%)

- U.S. personal spending: -0.5% (exp 0.3% / prev 0.6%)

- U.S. core personal consumption expenditure y/y: 1.9% (exp 1.9% / prev 1.9%)

- U.S. consumer sentiment index: 93.8 (exp 95.7 / prev 95.5)

Event Calendar:

Yesterday, USDCAD initially climbed from 1.3150 up to 1.3206 on the back of a better than expected 4^th quarter U.S. GDP result. Month-end flows then prevailed taking USDCAD back down to 1.3140. The pairing then eased higher towards 1.3175 in late trade. Overnight, global equity markets moved higher while oil prices tested the $58 level – the highest since Nov. 13, 2018. USDCAD dropped to 1.3130 accordingly before spiking higher after Canada's 4^th quarter GDP came in much weaker than expected. USDCAD climbed to 1.3240 before retracing to 1.3210. A second wave has just eclipsed the 1.3250 level – a 2 week high. Oil prices have also completely retraced earlier gains and the CAD is the worst performing currency on the day. Currently, the TSX and the DJIA are up 0.17% and 0.61% respectively. EURCAD is up 0.75% trading between 1.4918 and 1.5093 – near 1 month highs. GBPCAD is up 0.50% trading between 1.7356 and 1.7576 – near 8 month highs. JPYCAD has rebounded from 3 month lows - up 0.35% trading between 0.01172 and 0.01184. Gold is down 0.70% trading between $1,303 and $1,315USD/oz – near 1 month lows, silver is down 1.7% trading between $15.32 and $15.63USD/oz – near 1 month lows, while oil has fallen from 31/2 month highs - down 1.60% trading between $56.44 and $58.06.

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