Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver July 8, 2019



VBCE Daily Foreign Exchange Update for Monday, July 8, 2019

USDCAD spot rate: 1.3082 - 1.3087 (as at 8:30am PST)

Ranges:

Asia:

1.3062

to

1.3084

Europe:

1.3048

to

1.3080

North America:

1.3061

to

1.3100

Technical Support / Resistance:

S2

S1

R1

R2

1.2987

1.3038

1.3130

1.3180

Key Economic Data Releases:

- No major data releases

Event Calendar:

Date

Canada

U.S.A.

July 9

July 10

July 11

July 12

Housing starts, building permits

Bank of Canada interest rate decision

New housing price index

Fed's Chair Powell speech

FOMC minutes, wholesale inventories

Jobless claims, consumer price index

Producer price index

After advancing to 1.3130 on Friday following the employment figures from the United States and Canada, the USD/CAD pair retraced a large portion of its gains ahead of the weekend and started the new week under modest bearish pressure. However, the greenback seems to be preserving its strength with the US Dollar Index posting modest gains at 97.30 and suggests that the pair's losses are likely to stay limited. Additionally, the barrel of West Texas Intermediate is consolidating Friday's gains, losing 0.5% on the day around mid-$57s and making it tough for the commodity-linked loonie to gather momentum. In the second half of the day, the subdued trading action is likely to continue in the absence of significant macroeconomic data releases. The next important event for the pair will FOMC Chairman Powell's speech on Tuesday. Although he is supposed to deliver prepared remarks on the effectiveness of stress testing on large banks at an event organized by the Federal Reserve Bank of Boston, investors will be looking for clues regarding the policy outlook. Canadian economic docket will feature housing starts and building permits data tomorrow as well. Currently, the TSX is down 0.42% and the DJIA is down 0.44%. EURCAD is down 0.02% trading between 1.4631 and 1.4689. GBPCAD is down 0.04% trading between 1.6324 and 1.6394. JPYCAD is down 0.12% trading between 0.01201 and 0.01207. Gold is down 0.06% trading between $1,393 and $1,407USD/oz while oil (WTI crude) is up 0.75% trading between $57.31 and $58.46.

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


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