Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 14, 2019

USDCAD spot rate: 1.3370 - 1.3375 (as at 8:07am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- U.S. retail sales: 0.5% (exp 0.6% / prev 0.3% *revised from -0.2%)

- U.S. retail sales ex autos: 0.5% (exp 0.3% / prev 0.5% *revised from 0.1%)

- U.S. retail sales control group: 0.5% (exp 0.4% / prev 0.4% *revised from 0%)

- U.S. industrial production: 0.4% (exp 0.2% / prev -0.4% *revised from -0.5%)

- U.S. consumer sentiment index: 97.9 (exp 98.0 / prev 100)

Event Calendar:

Yesterday, USDCAD initially dropped from 1.3342 down to 1.3300 as oil prices surged as much as 5%. The move lower was short-lived and the pair climbed back to hold a 1.3316-1.3336 range for the balance of the session. The USD is the best performing currency today and for the week as well. The USD was the worst performing currency last week and the index had fallen to a 3 month low. The index has since moved up to a 1 week high. U.S. retail sales data improved while there was also a positive revision to prior data. U.S. industrial production also showed improvement. After the release of this morning's economic data, the USD broadly gained taking USDCAD from 1.3330 up to a 1 week high of 1.3386. Pull-backs have been limited to 1.3360 thus far. Despite the improved data and USD strength, the U.S. 10 year yield is still holding near 3 year lows suggestive of market expectations for U.S. Fed interest rate cuts. The U.S. Fed will release its policy statement and economic projections next Wednesday. Currently, the TSX and the DJIA are relatively unchanged holding near 1 month highs. EURCAD is down 0.15% trading between 1.4983 and 1.5058 – trading near 19 month lows. GBPCAD is down 0.21% trading between 1.6830 and 1.6922 – near 6 month lows. JPYCAD is up 0.25% trading between 0.01229 and 0.01235 – near 5 month highs. Gold is up 0.45% near 1 year highs trading between $1,341 and $1,358USD/oz, silver is up 0.13% trading between $14.89 and $15.12USD/oz, while oil (WTI crude) is up 1% trading between $51.94 and $52.95 – near 5 month lows.