Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 24, 2019

USDCAD spot rate: 1.3457 - 1.3462 (as at 8:08am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. durable goods orders: -2.1% (exp -2.0% / prev 1.7% *revised lower from 2.7%)

- durable goods orders ex transportation: 0% (exp 0.2% / prev -0.5% *revised lower from 0.4%)

Event Calendar:

Yesterday, USDCAD climbed from 1.3430 up to 1.3500 after having fallen to a 1 month low of 1.3357 on Wednesday. The main catalyst was a near 6% plunge in oil prices and a 400+ point drop in the DJIA. North American equity markets managed to recover somewhat and USDCAD eased back to hold a 1.3465/88 range for the balance of the session. Overnight, global equity markets recovered from yesterday's sell-off while oil prices moved back towards the $59 level. U.S. durable goods data came in weaker than expected and the USD is now the worst performing currency on the day. USDCAD dropped to session lows at 1.3439 after the data this morning before moving back up to 1.3465 as oil prices reversed back towards $57 and equity markets gave up the bulk of earlier gains. USDCAD has since eased back towards session lows. The GBP has been especially resilient today after PM May resigned and front-runner Boris Johnson commented on a possible "Hard-Brexit". Currently, both the TSX and the DJIA are up 0.20%, well off earlier highs. EURCAD is up 0.17% trading between 1.5037 and 1.5092 – up near 1 week highs after trading near 18 month lows earlier in the week. GBPCAD is up 0.26% trading between 1.7014 and 1.7106 – near 5 month lows. JPYCAD is unchanged trading between 0.01225 and 0.01231 – near 5 month highs. Gold is up 0.15% trading between $1,280 and $1,285USD/oz, silver is down 0.22% trading between $14.53 and $14.61USD/oz – both near 1 week highs, while oil (WTI crude) is down 1% trading between $57.57 and $59.00 – near 2 month lows.

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