Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 6, 2019

USDCAD spot rate: 1.3175 - 1.3180 (as at 8:08am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada Ivey PMI: 48.2 (exp 54.4 / prev 48.7)

- EIA crude oil stocks change: 7.929 million barrels (exp 1.515m / prev 5.702m)

- U.S. non-farm productivity Q3: -0.3% (exp 0.9% / prev 2.5%)

- U.S. unit labour costs: 3.6% (exp 2.2% / prev 2.4%)

Event Calendar:

Yesterday, USDCAD dropped from 1.3163 down to 1.3115 – a 1 week low and break of the 1.3130 support level. The move lower was short-lived as a better U.S. ISM data saw the USD broadly gain during the North American session. USDCAD climbed to 1.3180 before falling back to 1.3143. There has been little change overnight with most currencies in a holding pattern as the market awaits further developments on the U.S. / China trade front. China has reportedly asked that the September tariffs be rolled back. USDCAD climbed from session lows near 1.3153 up to 1.3184 this morning after weaker than expected Canadian Ivey PMI data. The pairing has since moved back towards 1.3167 despite a 2% decline in oil prices after EIA inventory data indicated a much larger than expected build in crude oil stocks. Currently, the TSX is up 0.40% while the DJIA is unchanged – both holding near historical highs. EURCAD is unchanged trading between 1.4549 and 1.4612 – near 1 week lows. GBPCAD is unchanged trading between 1.6910 and 1.6989 – near 1 week lows. JPYCAD is up 0.25% trading between 0.01204 and 0.01209 – near 6 month lows. Gold is up 0.22% trading between $1,482 and $1,490USD/oz while silver is down 0.28% trading between $17.38 and $17.64 – both near 5 week lows. Oil (WTI crude) is down 0.50% trading between $56.81 and $57.90 – near 6 week highs.