USDCAD posts new 6 year high of 1.2799 before falling back to 1.2677
USDCAD spot rate: 1.2690 - 1.2695 (AS AT 8:04AM PST)
USDCAD spot rate: 1.2690 - 1.2695 (AS AT 8:04AM PST)
RANGES:
|
Asia:
|
1.2608
|
to
|
1.2640
|
Europe:
|
1.2644
|
to
|
1.2677
|
|
North America:
|
1.2653
|
to
|
1.2799
|
Technical Support / Resistance:
S2
|
S1
|
R1
|
R2
|
1.2380
|
1.2503
|
1.2713
|
1.2800
|
Key Economic Data Releases:
-Canada GDP m/m: -0.2% (exp. 0.0%)
-U.S. GDP 4TH Quarter annualized (preliminary): 2.6% (exp. 3.3%)
-U.S. GDP price index: -0.1% (exp. 1.0%)
-U.S. Chicago PMI: 59.4 (exp.
57.5)
-U.S. consumer sentiment index:
98.1 (exp. 98.2)
Key Event Calendar:
DATE
|
CANADA
|
U.S.A.
|
Feb. 2
|
RBC manufacturing PMI
|
Personal income / spending, Markit mfg,
|
construction spending, ISM mfg PMI
|
||
Feb. 3
|
Raw material / Industrial prod. Price
|
Factory orders
|
Feb. 4
|
Ivey PMI
|
ADP employment change, Markit services
|
PMI, ISM non-mfg PMI
|
||
Feb. 5
|
Int’l merchandise trade
|
Trade balance, jobless claims
|
Feb. 6
|
Net employment change
|
Non-farm payrolls, unemployment rate,
|
Unemployment rate, participation
|
participation rate
|
|
rate, building permits
|
Yesterday, USDCAD traded from 1.2512 up to 1.2678 before
falling back to 1.2611. The pairing climbed to 1.2677 ahead of the Canadian and
U.S. GDP data releases. Both countries missed estimates and although the
initial reaction sent USDCAD from 1.2653 up to 1.2799, the pairing has since
fallen back towards 1.2677. Global equity markets remain volatile swinging
between gains and losses and the JPY is the best performing currency reaching a
10 month high vs. the CAD. Since Dec. 7TH, 2014 – the yen has gained 15% vs. the CAD. Currently, the
TSX is unchanged while the DJIA is down 0.47%. EURCAD is up 0.40% trading
between 1.4280 and 1.4491. GBPCAD is up 0.35% trading between 1.9004 and
1.9276. JPYCAD is up 1.2% trading between 0.01065 and 0.01088. Gold is up 1% trading
between $1,257 and $1,275USD/oz, silver is up 1.80% trading between $16.83 and
$17.20USD/oz, while oil is up 2%, trading between $44.19 and $45.64.
Sources: Reuters, Bloomberg, FXStreet,
RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive
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