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


USDCAD spot rate: 1.3262 - 1.3267 (as at 8:06am PST)

Ranges:

Asia:

1.3171

to

1.3185

Europe:

1.3170

to

1.3188

North America:

1.3173

to

1.3270

Technical Support / Resistance:

S2

S1

R1

R2

1.3130

1.3160

1.3270

1.3300

Key Economic Data Releases:

- Canada net employment change: -71,200 (exp 10,000 / prev -1,800)

- Canada unemployment rate: 5.9% (exp 5.5% / prev 5.5%)

- Canada avg hourly wages y/y: 4.4% (prev 4.36%)

- U.S. non-farm payrolls: 266,000 (exp 180,000 / prev 156,000)

- U.S. unemployment rate: 3.5% (exp 3.6% / prev 3.6%)

- U.S. avg hourly earnings m/m: 0.2% (exp 0.3% / prev 0.4%) y/y: 3.1% (exp 3.0% / prev 3.2%)

Event Calendar:

Date

Canada

U.S.A.

Dec. 9

Dec. 10

Dec. 11

Dec. 12

Dec. 13

Housing starts, building permits

BOC Poloz speech

Non-farm productivity, unit labour costs

CPI, Fed interest rate decision

Producer price index

Retail sales

Yesterday, USDCAD dropped from 1.3204 down to 1.3159, close to a 1 month low before climbing back to hold a 1.3170 – 1.3185 range for the balance of the session. There was a strong divergence in employment reports this morning – Canada's report much weaker than expected while the U.S. headline data was surprisingly strong. Canada shed 32,800 fulltime and 38,400 part-time jobs in November while the unemployment rate surged to 5.9% - the highest in over 1 year. U.S. ADP employment data out Wednesday suggested a downside miss – an addition of just 67,000 jobs vs exp 140,000. The U.S. added 266,000 jobs in November while the unemployment rate ticked down towards a new multi-decade low. USDCAD has nearly erased the post-Bank of Canada move from Wednesday. The pairing surged to 1.3260 with pull backs limited to 1.3244. A second move higher has stalled at 1.3270. Oil prices are higher this morning on reports of additional oil production cuts by Saudi Arabia during day two of the OPEC meeting. Currently, the TSX and the DJIA are both up 1% near weekly / historical highs. EURCAD is up 0.12% trading between 1.4610 and 1.4688 – near 1 month lows after trading near 3 month highs on Dec. 3rd. GBPCAD is up 0.27% trading between 1.7273 and 1.7409 – near 7 month highs. JPYCAD has rebounded from 1 month lows - up 0.75% trading between 0.01211 and 0.01220. Gold is down 1% trading between $1,459 and $1,477USD/oz while silver is down 2% trading between $16.54 and $16.99 – both approaching 4 month lows. Oil (WTI crude) is up 0.75% trading between $57.77 and $59.90 – approaching 5 month highs.

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