USDCAD spot rate: 1.3208 - 1.3213 (as at 7:30am PST)
Ranges: | Asia: | 1.3220 | to | 1.3268 |
Europe: | 1.3238 | to | 1.3268 | |
North America: | 1.3177 | to | 1.3265 |
Technical Support / Resistance:
S2 | S1 | R1 | R2 |
1.3080 | 1.3180 | 1.3270 | 1.3320 |
Key Economic Data Releases:
- Canada net employment change: 53,700 (exp -5,000 / prev 10,700)
- Canada unemployment rate: 6.9% (exp 6.9% / prev 6.8%)
- Canada trade balance: +$0.53 billion (exp -$1.60 billion / prev. -$1.02 billion)
- Canada Ivey PMI: 60.8 (prev 56.8)
- U.S. non-farm payrolls: 156,000 (exp 178,000 / prev 204,000)
- U.S. unemployment rate: 4.7% (exp 4.7% / prev 4.6%)
- U.S. average hourly earnings: 0.4% (exp 0.3% / prev -0.1%)
- U.S. trade balance: -$45.20 billion (exp -$42.50 billion / prev -$42.40 billion)
Key Event Calendar:
Date | Canada | U.S.A. |
Jan. 9 Jan. 10 Jan. 11 Jan. 12 Jan. 13 | Building permits Housing starts New housing price index | Producer price index, retail sales |
Yesterday, USDCAD traded from 1.3280 down to 1.3252 before climbing to 1.3316. The pairing then plummeted to 1.3190 before easing back towards 1.3250 in late trade. USDCAD was holding near session highs this morning before falling to 1.3177 after the 5:30am jobs reports. Canada surprised the market with 81,300 full time job gains – the best in over 5 years, propelling the CAD to the top performer on the day. The U.S. data was pretty much as expected – the 22k headline miss was made up by the 26k revision to prior data. The USD also saw broad-gains as a sharp increase in wages supports rising inflation expectations / further interest rate hikes. This caused USDCAD to bounce to 1.3230. Canada also surprised the markets posting its first trade surplus in more than 2 years. USDCAD has tested 1.3180 level a 2nd time but has since regained the 1.3200 level. Currently, the TSX and the DJIA are relatively unchanged. EURCAD is down 0.60% trading between 1.3917 and 1.4054. GBPCAD is down 1% trading between 1.6236 and 1.6439. JPYCAD is down 1.30% trading between 0.01132 and 0.01148. Gold is down 0.40% trading between $1,172 and $1,183USD/oz., silver is down 0.67% trading between $16.29 and $16.67USD/oz., while oil is unchanged trading between $53.49 and $54.29.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group