Daily Foreign Exchange Update For July 16, 2026

Spot Rates: * USDCAD spot rate: 1.4020 - 1.4025 (as at 7:30 am PST) * Asia: 1.4038 to 1.4054 * Europe: 1.4030 To 1.4038 * North America: 1.4010 to 1.4029

Technical Support / Resistance: * S2 1.3950 * S1 1.4000 * R1 1.4080 * R2 1.4150

Key Economic Data Releases: - US Initial jobless claims 208k 217k exp. 216k prev. - Us retail sales 0.2% 0.2% exp. 1.0% prev.

Important events we're watching this week: * July 17, Canada, Canada manufacturing sales * July 17, USA, US industrial production

Market Spotlight Canadian Dollar extends gains over US Dollar as BoC stance limits further upside.

USD/CAD trades around 1.4010 at the time of writing on Thursday, down 0.21% on the day as the Canadian Dollar (CAD) extends its gains against the US Dollar (USD). The pair remains under pressure despite US economic data broadly meeting expectations, with the Greenback failing to sustain a rebound after recent inflation data reinforced expectations that the Federal Reserve (Fed) will keep moving toward monetary easing.

Data released on Thursday showed that US Retail Sales rose 0.2% MoM in June, matching market expectations, while May's reading was revised higher to 1%. The Retail Sales Control Group also increased by 0.5%, in line with forecasts, while Initial Jobless Claims declined to 208K from the revised 216K previously, pointing to continued resilience in the US labor market.

• Currently, the TSX is down 0.33% while the DJIA futures are up 0.15%. * EURCAD is down 0.32% trading between 1.6044 and 1.6114. * GBPCAD is down 0.31% trading between 1.8920 and 1.9018. * JPYCAD is down 0.28% trading between 0.008631 and 0.008664. * Gold is down 1.74% trading between $3,973 - $4,061 USD/oz. * Silver is down 3.04% trading between $55.38 - $57.83 USD/oz. * Oil (WTI crude) is up 0.53% trading between $78.95 and $80.82.