Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 31, 2019


USDCAD spot rate: 1.3520 - 1.3525 (as at 8:12am PST)

Ranges:

Asia:

1.3492

to

1.3543

Europe:

1.3524

to

1.3565

North America:

1.3508

to

1.3561

Technical Support / Resistance:

S2

S1

R1

R2

1.3430

1.3480

1.3565

1.3650

Key Economic Data Releases:

- Canada GDP (March): 0.5% (exp 0.3% / prev -0.2%) y/y: 1.4% (exp 1.2%)

- Canada GDP Q1 annualized: 0.4% (exp 0.7% / prev 0.3%)

- U.S. personal income: 0.5% (exp 0.3% / prev 0.1%) spending: 0.3% (exp 0.2% / prev 1.1%)

- U.S. core personal consumption expenditure price index y/y: 1.6% (exp 1.6% / prev 1.5%)

- U.S. Chicago purchasing managers index: 54.2 (exp 53.7 / prev 52.6)

- U.S. consumer sentiment index: 100 (exp 101.5 / prev 102.4)

Event Calendar:

Date

Canada

U.S.A.

June 3

June 4

June 5

June 6

June 7

Markit manufacturing PMI

Int'l merchandise trade, Ivey PMI

Net employment change, unemployment %, Avg hourly wages

ISM / Markit manufacturing PMI

Factory orders

ADP employment change, ISM non-mfg

Trade balance

Non-farm payroll, unemployment rate, Avg hourly earnings

Yesterday, USDCAD dropped from 1.3520 down to 1.3485 before climbing to hold a 1.3495 – 1.3517 range for the balance of the session. The pairing had broken above recent resistance between 1.3510/22 and extended to 1.3542/47 – the highest level since Jan. 3 before falling towards 1.3508 on Wednesday. In early Asian trade, Trump announced a 5% tariff on all goods from Mexico effective June 10th. This would rise in stages to a possible 25% by October if Mexico did not do more to curb illegal immigration. USDCAD spiked from 1.3495 up to 1.3540 accordingly. The risk-off mood overnight saw USDCAD eclipse Wednesday's high of 1.3547 and extend to 1.3565. Canadian GDP data was better than expected for March and despite a 2.25% drop in oil prices (which have fallen 14% over the past 10 days towards a 3 month low) USDCAD has declined back to 1.3508. Subsequent rallies have been limited to 1.3525/30. Currently, the TSX and the DJIA are down 0.45% and 1% respectively. EURCAD is up 0.50% trading between 1.5019 and 1.5125 – up near 2 week highs after trading near 18 month lows yesterday. GBPCAD is up 0.20% trading between 1.7012 and 1.7090 – near 5 month lows. JPYCAD is up 1% trading between 0.01231 and 0.01247 – near 5 month highs. Gold is up 1% near 2 month highs trading between $1,288 and $1,304USD/oz, silver is up 0.62% trading between $14.48 and $14.68USD/oz, while oil (WTI crude) is down 2.25% trading between $54.81 and $56.68 – near 3 month lows.

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