Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 08, 2021


USDCAD spot rate: 1.2710 - 1.2715 (as at 7:45am PST)

Ranges:

Asia:

1.2677

to

1.2702

Europe:

1.2673

To

1.2708

North America:

1.2658

to

1.2721

Technical Support / Resistance:

S2

S1

R1

R2

1.2630

1.2665

1.2735

1.2800

Key Economic Data Releases:

- Canada net employment change: -62,600 exp -27,500 prev 62,100

- Canada unemployment rate: 8.6% exp 8.6% prev 8.5%

- Canada average hourly wages: 5.43% prev 4.84%

- U.S. non-farm payrolls: -140,000 exp 71,000 prev 336,000

- U.S. unemployment rate: 6.7% exp 6.8% prev 6.7%

- U.S. average hourly earnings y/y: 5.1% exp 4.4% prev 4.4%

Event Calendar:

Date

Canada

U.S.A.

Jan. 11

Jan. 12

Jan. 13

Jan. 14

Jan. 15

Bank of Canada business outlook survey

CPI

Retail sales, initial jobless claims

Industrial production, consumer sentiment

Yesterday, USDCAD climbed from 1.2664 up to 1.2734 before falling back to 1.2675-1.2695. Overnight, the USD broadly gained heading into the release of the employment data. Both U.S. and Canada lost jobs last month although Canada added 36,000 full time jobs at the expense of nearly 100,000 part time jobs. The initial reaction in the markets saw the USD weaken across the board taking USDCAD down to session lows near 1.2660. The move was short-lived as the USD has since climbed to session highs taking USDCAD up to 1.2721. Equity markets had a strong open with the S&P and NASDAQ hitting new historical highs. Stocks have since eased lower with the DJIA and TSX in the negative. U.S. 10 year yields continue to surge trading at 1.1% - the highest in nearly 9 months. The dollar index (DXY) has regained the 90 level (highest since Dec. 29th) after falling towards a 3 year low @ 89.20 two days ago. Currently, the TSX and the DJIA are down roughly 0.20% after opening in positive territory. EURCAD is unchanged, trading between 1.5505 and 1.5580 – near 3 week lows. GBPCAD is up 0.30% trading between 1.7187 and 1.7273 – near a 3 week low. JPYCAD is up 0.20% trading between 0.01219 and 0.01223 – near a 10 month low. Gold is down 2.7% trading between $1,849 - $1,917USD/oz – near a 3 week low after trading near 4 month highs 2 days ago. Silver is down 4.50% trading between $25.66 - $27.21. Oil (WTI crude) is up 1.50% trading between $50.84 - $51.84 – near 11 month highs.

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