USDCAD spot rate: 1.1230 - 1.1235 (AS AT 8:05AM PST)
|
RANGES:
|
Asia:
|
1.1244
|
to
|
1.1271
|
|
|
Europe:
|
1.1229
|
to
|
1.1263
|
|
|
North America:
|
1.1209
|
to
|
1.1250
|
Technical Support / Resistance:
|
S2
|
S1
|
R1
|
R2
|
|
1.1070
|
1.1204
|
1.1294
|
1.1360
|
Key Economic Data Releases:
-U.S. existing home sales change: 2.4% (exp. 1.0%)
-U.S.
existing home sales m/m: 5.17m (5.10m)
Key Event Calendar:
|
DATE
|
CANADA
|
U.S.A.
|
|
|
|
|
|
Oct. 22
|
Bank of Canada int. rate, retail sales
|
Consumer price index
|
|
Oct. 23
|
|
Jobless claims, Markit manufacturing
|
|
|
|
housing price index, leading indicators
|
|
Oct. 24
|
|
New home sales
|
|
|
|
|
Yesterday, USDCAD traded from 1.1277 up to a 1.1294 high in
Asian trade followed by a dip to 1.1251 in London. USDCAD climbed back to
1.1288 in North American trade where it remained well anchored for the balance
of the day. A similar trend today as market weakness in Asia (Nikkei down 2%)
resulted in USDCAD testing the 1.1297 level. Better than expected GDP out of
China (7.3% vs. exp. 7.2%) led a broad-based turnaround in London (EURSTOXX50
up 2%) with USDCAD falling to 1.1245. The pairing opened this morning’s session
at 1.1257, dipped to 1.1204, and has since bounced to 1.1235/40. Technically, a
sustained break below 1.1240 opens the door for a deeper downside correction.
The main event risk this week comes tomorrow with the Bank of Canada interest
rate announcement and U.S. inflation data. Currently, the TSX and the DJIA are
up 0.91% and 0.62% respectively. EURCAD is down 1.20% trading between 1.4267
and 1.4455. GBPCAD is down 0.80% trading between 1.8086 and 1.8256. JPYCAD is
down 0.35% trading between 0.01051 and 0.01059. Gold is up 0.66% trading at
$1,252USD/oz, silver up 1.33% trading at $17.59USD/oz, while oil is up 0.53%,
trading at $83.14.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive
Please contact the VBCE trading desk at 604-685-1016 for more information on our corporate foreign exchange and wire payment services. Updates by stevebrown@vbce.ca
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