Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver April 22, 2019


USDCAD spot rate: 1.3357 - 1.3362 (as at 8:11am PST)

Ranges:

Asia:

1.3358

to

1.3389

Europe:

1.3354

to

1.3370

North America:

1.3354

to

1.3376

Technical Support / Resistance:

S2

S1

R1

R2

1.3275

1.3310

1.3390

1.3445

Key Economic Data Releases:

- U.S. existing home sales: 5.21 million (exp 5.30 million / prev 5.48 million)

- U.S. existing home sales change: -4.9% (exp -2.3% / prev 11.2%)

Event Calendar:

Date

Canada

U.S.A.

Apr 23

Apr 24

Apr 25

Apr 26

Wholesale sales

Bank of Canada interest rate

New home sales, housing price index

Durable goods orders

GDP Q1, GDP price index, Core PCE

On Friday, USDCAD was rather uneventful trading in a 1.3365 - 1.3396 range as most markets were sidelined for the holidays. The CAD is the best performing currency today sparked by news that the U.S. will no longer waive sanctions on imports of Iranian oil beginning May 2nd. Oil prices (WTI crude) jumped $2 to the highest level in nearly 6 months. USDCAD has fallen from 1.3389 down to 1.3354 accordingly. USDCAD has shown little direction over the past several weeks trading back and forth between 1.3300 and 1.3400. There have been some minor breaches of this range with limited follow-through and rather quick moves back the other way. The Bank of Canada interest rate announcement could be the event that breaks the trend this Wednesday. Inflation has been running hotter than expected the past two months while there have been positive surprises with regards to several economic data - retail sales, GDP, employment, and a narrower trade deficit. Currently, the TSX and the DJIA are down marginally by about 0.15%. EURCAD is down 0.12% trading between 1.5013 and 1.5058 – near 2week lows. GBPCAD is down 0.34% trading between 1.7332 and 1.7410 – near 2month lows. JPYCAD is down 0.25% trading between 0.01192 and 0.01197 – near 4month lows. Gold is unchanged trading between $1,274 and $1,280USD/oz, silver is unchanged trading between $14.99 and $15.08USD/oz, while oil (WTI crude) is up 2.30% trading between $64.09 and $65.99 – near 6month highs.

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

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