VBCE Daily Foreign Exchange Update for Thursday, August 6, 2020
USDCAD spot rate: 1.3285 - 1.3290 (as at 6:38am PST)
Ranges: | Asia: | 1.3263 | to | 1.3308 |
Europe: | 1.3234 | To | 1.3295 | |
North America: | 1.3233 | to | 1.3257 |
Technical Support / Resistance:
S2 | S1 | R1 | R2 |
1.3150 | 1.3200 | 1.3376 | 1.3460 |
Key Economic Data Releases:
- U.S. Initial Jobless claims 1186k ((1415k exp.) 1435k previous
Event Calendar:
Date | Canada | U.S.A. |
Aug 7 | Net employment change, unemployment rate, Ivey purchasing managers index | Non-farm payrolls, unemployment rate |
U.S. applications for unemployment benefits fell more than expected last week to the lowest since the pandemic started, in a broad decline across nearly all states, suggesting the labor market is improving.
Initial jobless claims in regular state programs fell by 249,000 to 1.19 million in the week ended Aug. 1, Labor Department data showed Thursday. The median forecast in a Bloomberg survey of economists called for 1.4 million. Stocks erased earlier declines after the figures.
Currently, the TSX is up 0.24% and the DJIA is up 0.10%. EURCAD is down 0.11% trading between 1.5720 and 1.5784. GBPCAD is up 0.37% trading between 1.7393 and 1.7524. JPYCAD is up 0.26% trading between 0.01255 and 0.01261. Gold is up 1.15% trading between $2,034 - $2,064USD/oz. Silver is up 5.00% trading between $26.79 - $28.45. Oil (WTI crude) is up 0.36% trading between $41.62 - $42.46.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group