Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 5, 2020


USDCAD spot rate: 1.3430 - 1.3435 (as at 7:27am PST)

Ranges:

Asia:

1.3472

to

1.3513

Europe:

1.3460

To

1.3503

North America:

1.3391

to

1.3465

Technical Support / Resistance:

S2

S1

R1

R2

1.3320

1.3390

1.3540

1.3570

Key Economic Data Releases:

- Canada net employment change: 289,600 exp -500,000 prev -1,993,800

- Canada unemployment rate: 13.7% exp 15% prev 13%

- Canada Ivey PMI: 42.1 prev 23.6

- U.S. non-farm payrolls: 2,509,000 exp -8,000,000 prev -20,687,000

- U.S. unemployment rate: 13.3% exp 19.8% prev 14.7%

Event Calendar:

Date

Canada

U.S.A.

June 8

June 9

June 10

June 11

June 12

Housing starts

CPI, Fed interest rate decision

Jobless claims

Consumer sentiment index

Yesterday, USDCAD was flat trading within a 1.3468 – 1.3541 range. Overnight, positive risk sentiment continued sending the USD and JPY broadly lower – both currencies trading near 3 month lows vs the other majors. The AUDUSD rate climbed towards its 2020 high. USDCAD broke below its 200 day moving average @ 1.3463 – the first time the tech level has been broken since Feb. 21st. After the initial fall from 1.3800 this week, support just above this MA had stalled the down-trend the past few days. Both Canadian and U.S. jobs data were better than expected sending equity markets broadly higher as the market becomes ever more confident with the re-opening of the economy. The initial reaction sent USDCAD from 1.3440 down to 1.3394 before moving higher to 1.3465. A subsequent decline to 1.3391 was short-lived sending USDCAD back up to 1.3446. After falling towards a 3 month low, the broad USD index has climbed back to trade near session highs. The TSX and the DJIA are up 2% and 2.5% respectively – both near 3 month highs. EURCAD has fallen from 1 month highs - down 1% trading between 1.5151 and 1.5346. GBPCAD is up 0.25% trading between 1.6962 and 1.7083 – near a 2 week high. JPYCAD has fallen to its lowest level since February – down 1% trading between 0.01221 and 0.01238. Gold is down 2.65% trading between $1,679 - $1,716USD/oz – near a 1 month low. Silver is down 3% holding between $17.23 - $17.77. Oil (WTI crude) continues to soar to fresh 3 month highs, up 4% trading between $37.24 - $39.76 as reports suggest Russia and Saudi Arabia will extend production cuts for another month.

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