Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver February 7, 2020


USDCAD spot rate: 1.3303 - 1.3308 (as at 8:02am PST)

Ranges:

Asia:

1.3286

to

1.3295

Europe:

1.3290

To

1.3321

North America:

1.3279

to

1.3318

Technical Support / Resistance:

S2

S1

R1

R2

1.3190

1.3260

1.3320

1.3330

Key Economic Data Releases:

- Canada net employment change: 34,500 (exp 15,000 prev 27,300)

- Canada unemployment rate: 5.5% (exp 5.6% prev 5.6%)

- Canada average hourly wages: 4.43% (prev 3.84%)

- Canada Ivey purchasing managers index: 57.3 (exp 53.3 prev 51.9)

- U.S. non-farm payrolls: 225,000 (exp 160,000 prev 147,000)

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

- U.S. avg hourly earnings m/m: 0.2% (exp 0.3% prev 0.1%) y/y: 3.1% exp 3% prev 3%)

Event Calendar:

Date

Canada

U.S.A.

Feb. 10

Feb. 11

Feb. 12

Feb. 13

Feb. 14

Housing starts, building permits

BOC Poloz speech

CPI

Retail sales, industrial production


Yesterday, USDCAD dipped from 1.3290 down to 1.3270 before climbing to 1.3304/09. This was the highest since Dec. 3, 2019. The October, November, and December 2019 highs come in at 1.3340, 1.3327, and 1.3321 respectively. The move to 1.3300 (4th consecutive test of this level this week) was brief and USDCAD settled in a 1.3283-94 for the balance of the day. USDCAD tested the Dec. high ahead of the employment reports as equity markets eased lower while the USD and JPY broadly gained. Canada's data was better than expected including 35,400 full time jobs and rising wages. The U.S. data was mixed with stronger headline data coupled with softer wage growth and a negative 514,000 revision to 2019 data. USDCAD declined to 1.3279 but bounced back to 1.3318. The pairing has since fallen back to 1.3300. Currently, the TSX and the DJIA are down 0.35% and 0.70% respectively after 4 consecutive days of gains and reaching new historical highs yesterday. EURCAD is unchanged trading between 1.4555 and 1.4614 – near 1 week lows after trading near 5 month highs earlier in the week. GBPCAD is up 0.27% trading between 1.7168 and 1.7254 – near 1 week lows after having traded near 2 month highs earlier in the week. JPYCAD is up 0.50% trading between 0.01207 and 0.01215 – up from yesterday's 1 week low. Gold is up 0.25% trading between $1,560 and $1,574USD/oz – near 7 year highs. Silver is down 0.58% trading between $17.63 and $17.68. Oil (WTI crude) is down 0.80% trading between $50.25 and $51.61 – near 1 year lows.

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