Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 9, 2020


As expected, the Bank of Canada announced on Wednesday that it left its key rate unchanged at 0.25% following its December policy meeting and said they'll leave it there until economic slack is absorbed and inflation is back to the 2% target. They also restated their plan to buy at least C$4 billion a week in Canadian government bonds until the recovery is well underway. The bank will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2% inflation target is sustainably achieved. In their October projection, this does not happen until into 2023. Wednesday's decision shows Macklem has little inclination to alter the central bank's approach to providing as much support as possible to an economy battered by a resurgence of Covid-19 cases. Growth in the third quarter was weaker than the bank had predicted, and it may take another hit in the fourth after new lockdowns were imposed in some regions. At the same time, there's little evidence policy makers want to provide additional support to a recovery threatened by a strengthening CAD, increased restrictions as Covid-19 cases rise, and a pick-up in market interest rates. The central bank said positive news on vaccine developments was reassuring. The CAD is hovering at its strongest level in more than two years, reflecting in large part broad U.S. dollar weakness.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 8, 2020


Stock opened lower Tuesday morning but still hovered near record levels, as investors weighed rising coronavirus cases in the U.S. against optimism over a stronger recovery in 2021.

The Dow and S&P 500 each extended Monday's modest losses, while those on the Nasdaq fell after closing Monday at a record high.

Investors this week have been closely monitoring developments out of Washington, with lawmakers still working to agree on measures to fund the government and provide another virus relief package. Lawmakers are poised to vote Wednesday on a continuing resolution to push back a deadline to fund the government from Friday to next week in order to avoid a government shutdown.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 8, 2020


Stock opened lower Tuesday morning but still hovered near record levels, as investors weighed rising coronavirus cases in the U.S. against optimism over a stronger recovery in 2021.

The Dow and S&P 500 each extended Monday's modest losses, while those on the Nasdaq fell after closing Monday at a record high.

Investors this week have been closely monitoring developments out of Washington, with lawmakers still working to agree on measures to fund the government and provide another virus relief package. Lawmakers are poised to vote Wednesday on a continuing resolution to push back a deadline to fund the government from Friday to next week in order to avoid a government shutdown.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 3, 2020


Contracts on the three major indices hovered near the flat line Thursday morning.

The S&P 500 eked out another all-time closing high at the end of a muted trading day on Wednesday, as investors paused after November's breakneck rally.

More upbeat news around drugmakers' coronavirus vaccines emerged this week, though these did not trigger the outsized moves in the broader market seen last month. Britain became the world's first country to grant emergency authorization for Pfizer and BioNTech's COVID-19 vaccine and is set to begin shots within days. Though emergency use authorization of the vaccine is still being reviewed in the U.S. by the Food and Drug Administration, officials have expressed optimism about first doses getting rolled out in the middle of December.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 2, 2020



The USD/CAD extended its slide during the Asian & European trading hours on Wednesday to touch its lowest level in two years at 1.2916. Ahead of the American session, the pair started to erase its losses and was last seen gaining 0.12% on the day at 1.2947. The heavy selling pressure surrounding the USD caused USD/CAD to remain bearish since the beginning of the week. The risk-positive market environment weighed on the US Dollar Index and dragged it to a fresh 31-month low. However, the poor performance of major European equity indexes and the 0.25% decline witnessed in the S&P 500 Futures seem to be helping the greenback stay resilient against its peers. Meanwhile, the commodity-sensitive loonie is struggling to find demand amid falling crude oil prices as investors await clarity on the output strategy of OPEC+ in 2021.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 1, 2020


Stocks rose Tuesday morning as traders looked to extend November's sharp advance.

Equities are set to kick off the final month of 2020 with the momentum from a record month, during which each of the three major indices made fresh record highs, and the Dow posted its biggest monthly gain since January 1987 with an advance of nearly 11.9%. In the S&P 500, the energy, financials and industrials sectors led the index's 10.8% rise, as traders rotated back into many of the names that had been beaten down the hardest earlier on during the pandemic.

Many analysts believe equities will continue to ride the wave of vaccine-related optimism from November into December, after Pfizer (PFE), Moderna (MRNA) and AstraZeneca (AZN) each reported promising efficacy data for their respective COVID-19 vaccine candidates. Developments in the race to create an inoculation against the coronavirus helped stocks shake off volatility from earlier on in the month.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 27, 2020


Yesterday, USDCAD dropped from 1.3010 down to 1.2990 before climbing to 1.3023 in a quiet U.S. holiday session. The USD is again on the backfoot today with the USD index DXY near a 2.5 year low. Commodity currencies (CAD, AUD, NZD) are leading the way this morning in the absence of any key economic data. Although gold prices have fallen towards 5 month lows, oil prices are back up near 9 month highs. Equity markets are also back up near historical highs with the NASDAQ pushing to new highs above the 12,000 level with a 1.13% gain. After touching session highs at 1.3025 in Asia, USDCAD has moved lower this morning to 1.2976/1.2981 where it seems to have found some support ahead of the Nov. 9th low / 2 year low of 1.2930. The GBP is underperforming on the day with GBPCAD falling towards a 2 week low on Brexit headlines suggesting the stalemate continues ahead of this weekend's meeting in London.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 25, 2020


The USD/CAD pair fell to its lowest level in two weeks at 1.2990 during the Asian session on Wednesday before staging a rebound. Crude oil rally since the beginning of the week helped the commodity-related loonie outperform its rivals. On the back of renewed optimism for a steady recovery in the global energy demand, the barrel of West Texas Intermediate touched its highest level since early March at $45.73. Ahead of the US Energy Information Administration's Crude Oil Stocks Change data, the WTI is consolidating its gains a little above $45, making it difficult for the CAD to preserve its strength. Meanwhile, the greenback is finding demand as the market mood turns cautious with investors.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 24, 2020


Cyclical companies are powering global equities higher for a second day as investors cheered the start of U.S. President-elect Joe Biden's formal transition and the prospect for more economic stimulus.

The S&P 500 and Russell 2000 outpaced the tech-heavy Nasdaq as investors doubled down on economically sensitive sectors such as travel and energy. Oil and gas shares led the Stoxx 600 Index higher. EasyJet Plc and International Consolidated Airlines Group SA rose after England planned to cut its quarantine period for arrivals from high-risk countries.

Haven assets were broadly weaker, while Bitcoin extended its searing rally, surpassing $19,000 for the first time since 2017.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 23, 2020


The USD/CAD pair is edging lower on Monday as the rising crude oil prices help the commodity-related CAD outperform its American counterpart, which finds it difficult to find demand as a safe-haven. Earlier on Monday, following Pfizer's and Moderna's inspiring results, Oxford/AstraZeneca announced that their coronavirus vaccine candidate was "up to 90%" effective in the latest trials. Risk flows started to dominate the financial markets at the start of the week and the S&P 500 Futures are up 0.6%, suggesting the upbeat market mood will remain intact during the American session.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 20, 2020


Yesterday, USDCAD climbed from 1.3078 up to 1.3123 before falling back to 1.3055. The pairing then climbed back to 1.3088 as equity futures turned negative. The U.S. Treasury announced late in the day that it is looking to recover unused funds from several emergency lending programs set up by the U.S. Fed. Overnight, equity futures pared earlier losses while the USD broadly weakened taking USDCAD down to 1.3048. Canadian Sept retail sales data was stronger than expected but did not spark much of a reaction. USDCAD dipped to 1.3039 but has since moved back up to 1.3072.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 19, 2020


Stocks opened toward a third straight day of losses Thursday as investors weighed rising COVID-19 cases in the U.S. and increased restrictions against hopes for an effective vaccine.

For the past few days, the bad outweighed the good. On Wednesday, the Dow posted its biggest loss in three weeks, dropping nearly 350 points, or 1.2%, amid more signs of deterioration in the battle to keep COVID-19 cases at bay. New York City, home to the largest public school system in the country, is set to suspend in-person schooling starting Thursday, as the rate of infections in the city hit 3%.

Positive news on the vaccine front did little to assuage investors.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 18, 2020


The USD/CAD pair edged higher during the early North American session, albeit remained in the negative territory, below the 1.3100 mark post-US/Canadian macro data. The pair witnessed some fresh selling on Wednesday and dropped to near one-week lows, around the 1.3055 region during the first half of the trading action. Concerns about the economic fallout from the imposition of new COVID-19 restrictions in several US states kept the US dollar bulls on the defensive and exerted some downward pressure on the USD/CAD pair. Apart from this, a goodish pickup in crude oil prices underpinned the commodity-linked currency, the loonie, and further contributed to the USD/CAD pair's intraday slide. However, a modest bounce in the US Treasury bond yields extended some support to the greenback and assisted the USD/CAD pair to rebound around 30 pips from daily swing lows. That said, the attempted bounce lacked any strong bullish conviction following the release of mixed US housing market data – Building Permits and Housing Starts. With Wednesday's US/Canadian macro data out of the way, developments surrounding the coronavirus saga will continue to influence the USD price dynamics and produce some short-term trading opportunities. Nevertheless, the pair still seems vulnerable to slide further and retest the key 1.3000 psychological mark as the focus now shifts to the weekly EIA report on US crude oil inventories for the week ended November 13.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 17, 2020


Stocks were mixed Tuesday morning as momentum from Monday's rally lost steam. The S&P 500 and Dow each ticked down after both indices posted record closing highs a day earlier.

After Moderna's (MRNA) released preliminary data Monday morning showing its vaccine candidate was 94.5% effective in preventing coronavirus infections, investors are set to watch to see whether equities follow a similar playbook as they did last week, when news that Pfizer's (PFE) vaccine candidate was 90% effective in preventing COVID-19 first emerged. That announcement had sparked a knee-jerk rally in cyclical and value shares that unwound mid-week, but then reignited again on Monday after Moderna's announcement.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 16, 2020


U.S. stocks gained after positive news on a Covid-19 vaccine, sending shares tied to an economic reopening higher. The Dow Jones Industrial Average and the S&P 500 Index were poised for record highs after Moderna Inc.'s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial. The vaccine news adds yet another driver to a global stocks rotation into value and cyclical sectors that have been hardest hit by the pandemic, and out of more defensive industries like technology. U.S. equity futures were up earlier after advisers to President-elect Joe Biden said they opposed a nationwide shutdown despite surging virus cases. Still, concerns about a sustainable economic recovery persist amid a flare-up in virus cases around the world. The pandemic continues to escalate in Europe and the U.S. American coronavirus cases have topped 11 million. Treasury yields held steady and the dollar slipped. Crude pushed higher as the vaccine news boosted the outlook for demand. China's oil processing rebounded in October to match a record, as consumption in Asia continues to vastly outpace that of regions still afflicted with the virus. Elsewhere, European equities rose, following Asian shares higher after a slew of countries Sunday signed the world's largest regional free-trade agreement, encompassing nearly a third of the globe's population and gross domestic product.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 13, 2020


Yesterday, USDCAD climbed from 1.3056 up to 1.3150 before falling back to 1.3100. The pairing then climbed back to hold near 1.3130 – 1.3150 for the balance of the session. Overnight, gains extended to 1.3170 as risk aversion flows continued to benefit the USD and JPY. The trend changed during the London session as equity markets turned positive sending the USD broadly lower with USDCAD falling to session lows near 1.3120. North American markets are seeing modest gains to start the session while oil prices continue to slide after trading near 8 month highs earlier this week. USDCAD has since climbed back to test session highs near 1.3170. Since touching 2 year lows at 1.2930 on Monday, USDCAD has trended higher and is now near the highest since Nov.5th.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 10, 2020


Stocks were mixed Tuesday morning as investors reined in an initial wave of optimism over a promising vaccine candidate. Tech shares remained under pressure, and the Nasdaq dipped more than 1%.

News that a Pfizer (PFE) and BioNTech's (BNTX) vaccine candidate was more than 90% effective in preventing COVID-19 in patients in its clinical trial helped fuel a market rally earlier on Monday. During the regular session, the S&P 500 and Dow rocketed to intraday records, with the latter index adding as many as 1,610 points, or 5.7% at session highs. However, both indices pared some gains into market close and we have a market that is unsure at the open.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 9, 2020

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Stocks surged around the world and bonds tumbled after a large-scale coronavirus vaccine study delivered the most-promising results in the battle against the worst pandemic in a century. Equities came off session highs after Mayor Bill de Blasio said New York City is coming dangerously close to a second wave of the coronavirus. Still, more than 85% of S&P 500 companies climbed on Monday as the gauge jumped to a record on news that the Covid-19 shot being developed by Pfizer Inc and BioNTech SE prevented more than 90% of infections. The Dow Jones Industrial Average also rose to an all-time high. Oil soared, while gold, the JPY and the CHF slumped. Investors pulled out of haven assets and poured cash into markets that are closely tied to economic growth, with a gauge of global stocks also hitting a record high. President-elect Joe Biden on Monday announced a new coronavirus task force as his transition team seeks to fulfill a campaign promise to develop a dramatically different approach than President Donald Trump's to contain the pandemic. The top infectious disease expert in the U.S. Anthony Fauci said the vaccine being developed by Pfizer will have a major impact on everything we do with regards to the coronavirus going forward. Elsewhere, the AUD-JPY cross, a commonly watched risk barometer, surged by most since June. The Turkish lira soared after the weekend resignation of the country's economy czar and the dismissal of the central bank chief

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 6, 2020


The USD/CAD pair surrendered a major part of its intraday recovery gains and was last seen hovering near the lower end of its daily trading range, around mid-1.3000s, virtually unchanged on the day. The USD failed to capitalize on the early attempted recovery move, instead witnessed some fresh selling amid increasing odds that Democrat candidate Joe Biden will become the next US president. In the latest US election update, the former Vice President has taken a small lead in the key battleground state of Pennsylvania. With the US political headlines turning out to be an exclusive driver, the USD bulls seemed unimpressed, rather shrugged off Friday's better-than-expected US monthly jobs report. The emergence of some fresh US selling, in turn, was seen as one of the key factors that capped the upside for the USD/CAD pair. The downside, however, remained cushioned on the back of weaker crude oil prices, now down over 2.5% for the day, which tends to undermine demand for the commodity-linked currency, the loonie. The CAD was further pressured by disappointing domestic employment details. Nevertheless, the USD/CAD pair remains well within striking distance of two-month lows set in the previous session at 1.3028 and remains vulnerable to slide further.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 5, 2020


Stocks rallied globally as investors rushed back into technology and health-care firms on bets that the U.S. election results will trigger no major tax hikes or regulatory changes that would derail the sectors.

The tech-heavy Nasdaq 100 jumped another 2.6% after the underlying gauge surged on Wednesday, when the vote count failed to produce a clear Democratic sweep as some had expected. The reduced likelihood of a multi-trillion-dollar stimulus package in a divided Congress helped pushed the dollar down the most versus the euro since March. Treasuries held onto modest gains after U.S. jobless claims fell less than anticipated.

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