USDCAD spot rate: 1.3015 - 1.3020 (as at 8:28am PST)
Ranges: | Asia: | 1.2968 | to | 1.2998 |
Europe: | 1.2990 | to | 1.3050 | |
North America: | 1.3015 | to | 1.3068 |
Technical Support / Resistance:
S2 | S1 | R1 | R2 |
1.2911 | 1.2970 | 1.3053 | 1.3110 |
Key Economic Data Releases:
- U.S. GDP Q1: 0.8% (exp. 0.9%)
- U.S. GDP price index: 0.6% (exp. 0.7%)
- U.S. consumer sentiment index: 94.7 (exp. 95.4)
Key Event Calendar:
Date | Canada | U.S.A. |
May 30 May 31 June 1 June 2 June 3 | Current account Q1 GDP (March) / GDP Q1 RBC manufacturing PMI Trade balance | Memorial Day Core PCE price index, consumer confidence ADP employment change, ISM mfg. PMI Crude oil inventories Non-farm payrolls, unemployment rate, avg. hourly earnings, trade balance, ISM non-mfg |
Yesterday, USDCAD dropped from 1.3040 down to a 1 week low of 1.2911 before bouncing back to 1.3005. The pairing would then ease lower to hold a 1.2965 – 85 range for the balance of the session. USDCAD largely tracked oil prices which saw early gains above $50 (7 month high) before falling towards $49. Overnight, commodities were under pressure and the USD broadly gained ahead of the 5:30am GDP release. USDCAD climbed from 1.2968 to 1.3050 before falling back to 1.3030. First quarter GDP was revised higher but missed estimates by a touch. USDCAD reacted by bouncing between 1.3020 / 1.3038 for the next 30 minutes before making another run higher as oil prices broke below $49. The move higher stalled at 1.3068 and USDCAD has since fallen to North American session lows near 1.3010. Currently, the TSX and the DJIA are up 0.36% and 0.10% respectively. EURCAD is down 0.20% trading between 1.4496 and 1.4584. GBPCAD is up 0.20% trading between 1.9020 and 1.9128. JPYCAD is up 0.30% trading between 0.01180 and 0.01191. Gold is down 0.75% trading between $1,210 and $1,223USD/oz., silver is down 0.65% trading between $16.14 and $16.36USD/oz., while oil is down 0.60% trading between $48.72 and $49.44.