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

VBCE Daily Foreign Exchange Update for Wednesday, July 10, 2019

USDCAD spot rate: 1.3115 - 1.3120 (as at 8:07am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Bank of Canada interest rate decision: 1.75% (exp 1.75% / prev 1.75%)

https://www.bankofcanada.ca/2019/07/fad-press-release-2019-07-10/

- U.S. FOMC minutes: 11am

- U.S. wholesale inventories: 0.4% (exp 0.4% / prev 0.4%)

Event Calendar:

As expected, the Bank of Canada left interest rates unchanged at 1.75%. The USD/CAD pair reversed an early dip to 1.3070 region and spiked to 2-week tops following the announcement. After consolidating in a narrow range through the early part of Wednesday's trading session, the pair came under some intense selling pressure in reaction to the Fed Chair Jerome Powell's dovish sounding remarks in the prepared statement to Congress. The downtick, however, turned out to be short-lived and the pair witnessed a dramatic turnaround, rallying around 60-70 pips. The USD/CAD is now at 1.3115. Currently, the TSX is up 0.42% and the DJIA is up 0.48%. EURCAD is up 0.30% trading between 1.4693 and 1.4774. GBPCAD is up 0.22% trading between 1.6341 and 1.6426. JPYCAD is up 0.27% trading between 0.01202 and 0.01205. Gold is up 0.97% trading between $1,389 and $1,411USD/oz, silver is up 0.63% trading between $15.04 and $15.28USD/oz, while oil (WTI crude) is up 2.67% trading between $58.59 and $59.57.