Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver October 9, 2020

USDCAD spot rate: 1.3142 - 1.3147 (as at 7:45am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada net employment change: 378,200 exp 156,600 prev 245,800

- Canada unemployment rate: 9% exp 9.7% prev 10.2%

- Canada avg hourly earnings y/y: 5.43% prev 6%

Event Calendar:

Yesterday, USDCAD eased lower from 1.3265 down to 1.3190 amidst general positive market risk sentiment, higher oil prices, and a broadly weaker USD. The trend continues today as the market remains hopeful for a U.S. stimulus package. Since Trump's comments on Tuesday about no further negotiations on a stimulus package until after the election sank the DJIA by 500 pts and propelled USDCAD up to 1.3340, there has been a change in tune with stimulus talks back on the table. Overnight, USDCAD dipped to 1.3160 before climbing to 1.3180 ahead of the Canadian jobs report. The September report was surprisingly strong more than doubling market expectations. Also, the majority of the jobs added were full time jobs (334,000). USDCAD dropped accordingly to 1.3133 before climbing back to 1.3158. A second run lower has again stalled at 1.3133 – near 1 month lows. Currently, the TSX is unchanged while the DJIA is up 0.30%. EURCAD is unchanged trading between 1.5502 and 1.5552 - near a 1 month low. GBPCAD is unchanged trading between 1.7015 and 1.7087 – near a 2 week low. JPYCAD is unchanged trading between 0.01240 and 0.01246 – near a 1 month low. Gold is up 2% trading between $1,893 - $1,929USD/oz while silver is up 4% trading between $23.83 - $24.78 – both near 3 week highs. Oil (WTI crude) is down 0.50% trading between $40.89 - $41.68 – near 5 week highs. Oil was down near 4 month lows last week.