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

USDCAD spot rate: 1.3580 - 1.3585 (as at 7:37am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada net employment change: 952,900 exp 700,000 prev 289,600

- Canada unemployment rate: 12.3% exp 12% prev 13.7%

- U.S. producer price index m/m: -0.2% exp 0.4% prev 0.4% y/y: -0.8% exp -0.2% prev -0.8%

Event Calendar:

Yesterday, USDCAD initially dropped from 1.3520 down to 1.3491 before climbing to 1.3594. The USD was broadly bid on safe-haven flows as the DJIA and S&P lost nearly 2% to trade near 2 week lows. Oil prices also declined by nearly 4% to trade near 2 week lows while the USD index rebounded from 1 month lows. Overnight, the trend continued with broad-based USD strength sending USDCAD up towards a 2 week high of 1.3631. The break above the double-top @ 1.3624 was short-lived with a move back to 1.3588 ahead of this morning's Canadian employment data. The number of jobs added in June beat forecasts including 488,000 full time jobs added (May saw an addition of 219,000 full time jobs). The unemployment rate fell less than expected while the reaction in USDCAD was mute. After a move to 1.3575, the rate moved to 1.3608 before falling back to hold near 1.3580. The USD has since given back its earlier gains and the USD index now trades near session lows. Equity markets and oil prices are trending slightly higher at the moment. The TSX is unchanged while the DJIA is up 0.5%. EURCAD is up 0.30% near 2 month highs trading between 1.5318 and 1.5375. GBPCAD is up 0.30% trading between 1.7103 and 1.7194 – also near 2 month highs. JPYCAD is up 0.45% trading between 0.01265 and 0.01275 – near 6 week highs. Gold is unchanged trading between $1,796 - $1,811USD/oz – near an 9 year high. Silver is unchanged holding between $18.48 - $18.80. Oil (WTI crude) is up 0.80% trading between $38.73 - $40.21, holding near 4 month highs.