USDCAD spot rate: 1.2390 - 1.2395 (AS AT 8:15AM PST)
RANGES:
|
Asia:
|
1.2470
|
to
|
1.2495
|
Europe:
|
1.2442
|
to
|
1.2502
|
|
North America:
|
1.2475
|
to
|
1.2475
|
Technical Support / Resistance:
S2
|
S1
|
R1
|
R2
|
1.2200
|
1.2314
|
1.2504
|
1.2713
|
Key Economic Data Releases:
-U.S. durable goods orders: -3.4% (exp. 0.5%) ex transportation: -0.8% (exp. 0.6%)
-U.S. Markit services purchasing
managers index: 54.0 (exp. 53.8)
-U.S. consumer confidence: 102.9
(exp. 95.1)
-U.S. new home sales: 1.032
million (exp. 0.450 million) % change: 11.6% (prev. -6.7%)
-U.S. Richmond Fed manufacturing:
6 (exp. 6)
Key Event Calendar:
DATE
|
CANADA
|
U.S.A.
|
Jan. 28
|
Fed interest rate decision
|
|
Jan. 29
|
Jobless claims, pending home sales
|
|
Jan. 30
|
GDP
|
GDP, consumer sentiment index
|
Yesterday, USDCAD traded from 1.2420 up
to 1.2475 before falling back to 1.2405/10 in North American trading. The move
lower was short-lived with USDCAD bouncing back towards 1.2464. The pairing
continued higher overnight reaching the 80 cent mark (1.2500) before falling
back to 1.2475 at the North American open. Weaker than expected U.S. durable
goods data and general market weakness (EURSTOXX down 1.53% / DJIA down
300pts.) has resulted in broad-based USD weakness as the market awaits
tomorrow’s U.S. Fed announcement. USDCAD has fallen to 1.2380/85 matching last
Friday’s post Canadian data low. We’ve seen a minor bounce back towards 1.2407.
The EURO is the top performer extending its post Greece election gains to
1.1422 – up two cents on the day. Currently, the TSX and the DJIA are down
0.80% and 2% respectively. EURCAD is up 0.70% trading between 1.4010 and
1.4148. GBPCAD is up 0.25% trading between 1.8764 and 1.8894. JPYCAD is
unchanged trading between 0.01052 and 0.01060. Gold is up 1% trading between $1,272
and $1,297USD/oz, silver is up 1% trading between $17.55 and $18.20USD/oz,
while oil is up 0.80%, trading between $44.65 and $45.72.
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