Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver March 6, 2020


USDCAD spot rate: 1.3424 - 1.3429 (as at 8:02am PST)

Ranges:

Asia:

1.3387

to

1.3413

Europe:

1.3379

To

1.3420

North America:

1.3400

to

1.3438

Technical Support / Resistance:

S2

S1

R1

R2

1.3315

1.3379

1.3438

1.3464

Key Economic Data Releases:

- Canada net employment change: 30,300 exp 10,000 prev 34,500

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

- Canada average hourly wages: 4.33% prev 4.43%

- Canada international merchandise trade: -$1.47 billion exp -$0.83 billion prev -$0.73 billion

- U.S. non-farm payrolls: 273,000 exp 175,000 prev 273,000 *revised from 225,000

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

- U.S. average hourly earnings m/m: 0.3% exp 0.3% prev 0.2% y/y: 3% exp 3% prev 3.1%

- U.S. trade balance: -$45.3 billion exp -$46.1 billion prev -$48.6 billion

Event Calendar:

Date

Canada

U.S.A.

Mar. 9

Mar. 10

Mar. 11

Mar. 12

Mar. 13

Housing starts, building permits

Consumer price index (CPI)

Producer price index (PPI)

Consumer sentiment index

Yesterday, USDCAD climbed from 1.3383 up to 1.3432 – the same level as Wednesday's post Bank of Canada rate cut move that saw USDCAD climb from 1.3330 up to 1.3430) before falling back to 1.3390. A second attempt stalled at 1.3438- just short of last Friday's 9 month high of 1.3464. Oil prices slumped 4% while the DJIA dropped 3% - erasing 800pts from Wednesday's 1,300 pt gain. The market sell-off continued overnight before briefly rebounding in the London session. USDCAD gained to 1.3413 before falling to 1.3379. The pairing then climbed to 1.3428 as global equity markets sold off again by nearly 3%. Oil prices also dropped heavily as the OPEC meeting failed to confirm additional oil output cuts. Canadian and U.S. February jobs data both beat estimates and that sent USDCAD back down to 1.3400. North American equity markets have paired earlier losses with the DJIA down just 300 pts after having been down nearly 1,000pts for the 2nd straight day. USDCAD has since moved back up to re-test session highs. Currently, the TSX and the DJIA are down 2% and 1.83% respectively. EURCAD is up 0.80% trading between 1.5016 and 1.5246 – near 14 month highs (from 3 year lows just 2 weeks ago). GBPCAD is up 0.60% trading between 1.7332 and 1.7526 – near 3 month highs. JPYCAD is up 0.60% trading between 0.01259 and 0.01278 – near 14 month highs (from 14 month lows 2 week ago). Gold is down 1.3% from near 7 year highs trading between $1,642 and $1,690USD/oz. Silver is down 2% trading between $17.04 and $17.57. Oil (WTI crude) is down 7% trading between $42.44 and $46.48 – near 15 month lows.

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