Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 2, 2020


USDCAD spot rate: 1.3310 - 1.3315 (as at 8:08am PST)

Ranges:

Asia:

1.3282

to

1.3329

Europe:

1.3293

To

1.3329

North America:

1.3302

to

1.3331

Technical Support / Resistance:

S2

S1

R1

R2

1.3240

1.3270

1.3330

1.3420

Key Economic Data Releases:

- U.S. non-farm payrolls: 661,000 exp 850,000 prev 1,489,000 *revised from 1,371,000

- U.S. unemployment rate: 7.9% exp 8.2% prev 8.4%

- U.S. avg hourly earnings y/y: 4.7% exp 4.8% prev 4.6%

- U.S. consumer sentiment index: 80.4 exp 79 prev 74.1

Event Calendar:

Date

Canada

U.S.A.

Oct 5

Oct 6

Oct 7

Oct 8

Oct 9

Int'l merchandise trade

Ivey PMI

BOC Macklem speech

Net employment change, unemployment rate

Markit / ISM services PMI

Trade balance

FOMC minutes

Jobless claims


Yesterday, USDCAD initially dropped from 1.3322 down to 1.3280 before briefly climbing to 1.3315. The rate then declined to 1.3267 – near a two week low before holding near 1.3290 for the balance of the session. During the Asian session, it was reported that both President Trump and his wife had tested positive for covid-19. Risk aversion flows ensued sending the USD and JPY broadly higher while U.S. equity indices declined by 2%. USDCAD climbed to 1.3329 before retracing back to 1.3293 ahead of the U.S employment report. The results were mixed – the jobs added missed estimates but prior data was revised higher. The unemployment rate dropped sharply from last month although that was a direct result of fewer people looking for work (lower participation rate). The initial reaction was a stronger USD sending USDCAD up to 1.3331. The move was short-lived as U.S. equities rebounded sharply erasing the bulk of overnight losses. USDCAD dropped to 1.3302 before climbing back to 1.3318. The CAD is holding up quite well given that oil prices are down sharply today trading near 4 month lows. Currently, the TSX and the DJIA are down 0.40% and 0.65% respectively. EURCAD is down 0.10% trading between 1.5576 and 1.5626 - near a 1 week low. GBPCAD is up 0.50% trading between 1.7091 and 1.7246 – near 3 week highs. JPYCAD is up 0.40% trading between 0.01259 and 0.01269 – near 2 month highs. Gold is down 0.30% trading between $1,889 - $1,917USD/oz while silver is down 0.30% trading between $23.48 - $24.20 – both near 1 week lows. Oil (WTI crude) is down 3.50% trading between $36.79 - $38.80 – near 4 month lows.

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