USDCAD spot rate: 1.3230 - 1.3235 (as at 8:02am PST)
Ranges: | Asia: | 1.3177 | to | 1.3198 |
Europe: | 1.3181 | to | 1.3210 | |
North America: | 1.3196 | to | 1.3249 |
Technical Support / Resistance:
S2 | S1 | R1 | R2 |
1.3067 | 1.3160 | 1.3233 | 1.3270 |
Key Economic Data Releases:
- Canada building permits: 10.4% (exp. 3.0% / prev. 3.4%)
- U.S. initial jobless claims: 249,000 (exp. 257,000 / prev. 254,000)
Key Event Calendar:
Date | Canada | U.S.A. |
Oct. 7 | Employment change, unemployment rate Ivey PMI, Bank of Canada business outlook survey | Non-farm payrolls, unemployment rate, avg hourly earnings |
Yesterday, USDCAD climbed from 1.3170 up to 1.3233 only to fall back to 1.3161. Trade above 1.32 was limited to about 45 minutes as a fifth consecutive surprise draw from oil inventories gave oil prices and the CAD a boost. Overnight, USDCAD climbed back to 1.3210 and the pairing has extended up to 1.3249 this morning as the USD broadly gains for the 3rd consecutive day. Despite the fact that oil prices have gained 13% over the past week, the USDCAD rate has actually moved higher to trade near the upper end of its recent 1.30 – 1.3280 range. Over the past few days, there have been several U.S. Fed members offering up hawkish commentary and the probability of a December interest rate hike now sits at 55%. Focus now shifts to tomorrow's jobs data. Canada is expected to add 10,000 jobs after having added 26,200 in August. The unemployment rate should hold steady at 7.0%. The U.S. is expected to add 175,000 new jobs after having added 151,000 last month. The unemployment rate should remain unchanged at 4.9%. Currently, the TSX and the DJIA are down 0.12% and 0.46% respectively. EURCAD is unchanged trading between 1.4737 and 1.4800. GBPCAD is down 0.30% trading between 1.6658 and 1.6816. JPYCAD is unchanged trading between 0.01269 and 0.01275. Gold is down 1% trading between $1,251 and $1,269USD/oz., silver is down 2.25% trading between $17.21 and $17.84USD/oz., while oil is up 0.75% trading between $49.35 and $50.49.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group