USDCAD spot rate: 1.1605 - 1.1610 (AS AT 8:52AM PST)
|
RANGES:
|
Asia:
|
1.1626
|
to
|
1.1648
|
|
|
Europe:
|
1.1569
|
to
|
1.1647
|
|
|
North America:
|
1.1582
|
to
|
1.1630
|
Technical Support / Resistance:
|
S2
|
S1
|
R1
|
R2
|
|
1.1465
|
1.1600
|
1.1667
|
1.1700
|
Key Economic Data Releases:
-U.S. Fed interest rate decision:
-U.S. initial jobless claims: 289k (exp. 295k)
-U.S. Markit Services PMI: 53.6
(exp. 56.9)
-U.S. leading indicators: 0.6
(exp. 0.5)
-U.S. Philadelphia Fed
manufacturing survey: 24.5 (exp. 27.0)
Key Event Calendar:
|
DATE
|
CANADA
|
U.S.A.
|
|
|
|
|
|
Dec. 19
|
CPI, retail sales
|
|
|
|
|
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Yesterday, USDCAD traded from 1.1623 up to 1.1672 before
falling to 1.1560 after the 11:00am Fed announcement. The move lower was
short-lived and USDCAD climbed back to hold near 1.1640 for the balance of the
session. The Fed stated that “it can be patient in beginning to normalize the
stance of monetary policy. The Committee sees this guidance as consistent with
its previous statement that it likely will be appropriate to maintain the 0 to
1/4 percent target range for the federal funds rate for a considerable time
following the end of its asset purchase program.” This gave the markets
confidence and the USD was the best performing currency after the Fed statement
and both equity markets and oil gained on the news. Overnight, global markets
followed suit with the Japanese Nikkei up 2.32% and the EURSTOXX50 up 3.33%.
USDCAD dropped to 1.1569 as oil continued to climb. The pairing opened this
morning at 1.1582 and climbed to 1.1630 as oil pared its gains. USDCAD has
since fallen to 1.1600. Tomorrow, Canadian core inflation is expected to tick
up from 2.3% to 2.4%y/y. Retail sales are expected to decline by 0.2% after
having gained 0.8% previously.
Currently, the TSX and the DJIA are up 0.10% and
1.41% respectively. EURCAD is down 0.50% trading between 1.4236 and 1.4377.
GBPCAD is up 0.40% trading between 1.8095 and 1.8202. JPYCAD is down 0.40%
trading between 0.00973 and 0.00982. Gold is up 0.54% trading between $1,189
and $1,214USD/oz, silver is down 0.14% trading between $15.72 and $16.23USD/oz,
while oil is down 1.19%, trading between $55.09 and $59.01.
Sources: Reuters, Bloomberg, FXStreet,
RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive
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