Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 4, 2020


USDCAD spot rate: 1.3125 - 1.3130 (as at 7:33am PST)

Ranges:

Asia:

1.3113

to

1.3140

Europe:

1.3083

To

1.3139

North America:

1.3077

to

1.3133

Technical Support / Resistance:

S2

S1

R1

R2

1.3040

1.3090

1.3160

1.3240

Key Economic Data Releases:

- Canada net employment change: 245,800 exp 275,000 prev 418,500

- Canada unemployment rate: 10.2% exp 10.1% prev 10.9%

- Canada average hourly wages y/y: 6% prev 5.66%

- Canada Ivey PMI: 67.8 exp 57.5 prev 68.5

- U.S. Non-farm payrolls: 1,371,000 exp 1,400,000 prev 1,734,000

- U.S. unemployment rate: 8.4% exp 9.8% prev 10.2

- U.S. average hourly earnings y/y: 4.7% exp 4.5% prev 4.7%

Event Calendar:

Date

Canada

U.S.A.

Sept 7

Sept 8

Sept 9

Sept 10

Sept 11

Labour Day

Housing starts, BOC interest rate

Labour Day

Producer price index, jobless claims

Consumer price index

Yesterday, USDCAD initially climbed from 1.3047 up to 1.3162 – a 1 week high. Pullbacks were limited to 1.3120 – above a key tech level @ 1.3090 which had contained USD rallies this week. Overnight, the CAD improved as risk aversion flows eased as NA equity futures were mostly flat. USDCAD declined from 1.3140 down to 1.3077 but moved higher after the release of the Canadian and U.S. jobs data. The U.S. unemployment rate declined further than expected sending the USD broadly higher. Equity markets are selling off yet again with sharp tech losses leading the NASDAQ to a near 10% decline over the past two sessions. Safe haven flows into the USD have led USDCAD higher – all the way back to intra-day highs near 1.3140. The TSX is down 1.75% near 5 week lows while the DJIA is down 500 pts after trading down as much as 1,000 pts yesterday. are both down by roughly 1%. EURCAD is down 0.40% trading between n 1.5465 and 1.5562 - near 6 week lows having fallen from 2 weeks highs at the start of the week. GBPCAD is down 0.70% near 2 week lows trading between 1.7306 and 1.7440. JPYCAD is unchanged from yesterday's large move up having recovered from 3 month lows seen earlier in the week trading between 0.01230 and 0.01237. Gold is down 0.30% near 1 week lows trading between $1,916 - $1,950USD/oz. Silver is down 0.30% trading between $26.30 - $27.04. Oil (WTI crude) is down 3.25% trading between $40.14 - $42.07 – near 5 week lows.

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