Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver March 6, 2019

USDCAD spot rate: 1.3440 - 1.3445 (as at 8:28am PST)

Technical Support / Resistance:

Key Economic Data Releases:

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

https://www.bankofcanada.ca/2019/03/fad-press-release-2019-03-06/

- Canadian Int'l merchandise trade: $-4.59B (exp $-2.80B / prev $-1.98B)

- Canadian Ivey PMI: 50.6 (exp 57.9 / prev 54.7)

- U.S. ADP employment change: 183K ( exp 189K / prev 300K)

- U.S. trade balance: $-59.8B (exp $-57.9B / prev $-50.3B)

Event Calendar:

The Bank of Canada bank left its overnight benchmark rate unchanged at 1.75% for a third straight decision Wednesday, as widely expected. From their last statement in January, policy makers dropped their assertion that rates will need to rise over time, while adding a reference that borrowing costs will remain below neutral for now and there is increased uncertainty about the timing of future rate increases. The language should reinforce expectations that Governor Stephen Poloz will be on hold for a while as policy makers gauge the extent of recent weakness in Canada's economy as well as the underlying strength of the global expansion. At the same time, Poloz seems reluctant to abandon fully the idea that the next step is likely higher, making him a bit of an outlier among industrialized economy bankers. A dovish tilt at today's rate decision had been expected, given what is currently priced into the market. While many economists are still projecting a rate increase this year, swaps trading suggests investors are giving zero probability that the Bank of Canada will budge rates, either higher or lower, from here. The Canadian dollar extended declines after the decision, falling 0.6 percent to C$1.3432 against the U.S. currency. Currently, the TSX is up 0.20% and the DJIA is down 0.18%. EURCAD is up 0.70% trading between 1.5215 and 1.5208. GBPCAD is up 0.44% trading between 1.7540 and 1.7716. JPYCAD is up 0.74% trading between 0.01193 and 0.01204. Gold is down 0.13% trading between $1,283 and $1,290USD/oz, silver is down 0.54% trading between $15.04 and $15.15USD/oz, while oil is down 0.55% trading between $55.44 and $56.40.

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