Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver August 9, 2019


USDCAD spot rate: 1.3228 - 1.3233 (as at 8:28am PST)

Ranges:

Asia:

1.3213

to

1.3235

Europe:

1.3210

to

1.3232

North America:

1.3206

to

1.3275

Technical Support / Resistance:

S2

S1

R1

R2

1.3130

1.3180

1.3275

1.3314

Key Economic Data Releases:

- Canada net employment change: -24,200 (exp 12,500 / prev -2,200)

- Canada unemployment rate: 5.7% (exp 5.5% / prev 5.5%)

- Canada avg hourly wages: 4.5% (prev 3.6%)

- Canada building permits: -3.7% (exp 1.5% / prev -12.2%)

- U.S. producer price index m/m: 0.2% (exp 0.2% / prev 0.1%) y/y: 1.7% (exp 1.7% / prev 1.7%)

- U.S. PPI ex food & energy m/m: -0.1% (exp 0.2% / prev 0.3%) y/y: 2.1% (exp 2.4% /prev 2.3%)

Event Calendar:

Date

Canada

U.S.A.

Aug 12

Aug 13

Aug 14

Aug 15

Aug 16

CPI

EIA crude oil stocks change

Retail sales, industrial production

Housing starts, consumer sentiment


Yesterday, USDCAD erased Wednesday's gains with a drop from 1.3314 down to 1.3221. Positive market sentiment, higher commodity prices, and lower U.S. yields saw the USD broadly weaken. Trump was also noted commenting on the strength of the USD. USDCAD was holding near session lows at 1.3210 this morning when the Canadian employment data was released. Weaker than expected data saw USDCAD quickly move up to 1.3275. The move higher was short-lived and the pairing dropped back to new session lows at 1.3205. We have since seen a brief rally to 1.3244 follows by a decline to 1.3220. Oil prices have surged while U.S. 10 year yields hold near 3 year lows. Trump mentioned today that he would like to see the Fed lower interest rates by 1%. Markets are now pricing in a 46% of 2 more interest rate cuts and a 36.7% of 3 more cuts by the end of this year. Currently, the TSX and the DJIA are down 0.27% and 0.80% respectively. EURCAD has fallen back towards 2 year lows from 3 month highs earlier this week - trading between 1.4782 and 1.4870. GBPCAD is down 0.43% trading between 1.5929 and 1.6090 – approaching 6 year lows. JPYCAD is up 0.45% trading between 0.01245 and 0.01254 – near 3 year highs. Gold is up 0.20% near 6 year highs trading between $1,495 and $1,508USD/oz while oil (WTI crude) is up 2.60% trading between $52.32 and $54.60. After having fallen to 7 month lows just two days ago, oil prices have surged 9%.

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