Daily foreign exchange rates for our top 10 currencies & Updates #forex #Vancouver March 3, 2017

USDCAD spot rate: 1.3405 - 1.3410 (as at 7:41am PST)

Ranges:

Asia:

1.3378

to

1.3400

Europe:

1.3378

to

1.3424

North America:

1.3382

to

1.3421

Technical Support / Resistance:

S2

S1

R1

R2

1.3320

1.3378

1.3425

1.3460

Key Economic Data Releases:

- U.S. services PMI: 53.8 (exp 53.9 / prev 53.9)

- U.S. ISM non-manufacturing index: 57.6 (exp 56.5 / prev 56.5)

Key Event Calendar:

Date

Canada

U.S.A.

Mar. 6

Mar. 7

Mar. 8

Mar. 9

Mar. 10

Trade balance, Ivey PMI

Housing starts, building permits

New housing price index

Net employment change, unemployment rate

Factory orders

Trade balance

ADP employment change, crude oil inventories

Import / export price index

Non-farm payrolls, unemployment rate, Average hourly earnings

Yesterday, USDCAD climbed from 1.3320 up to 1.3385 before briefly pulling back to 1.3353 on stronger than expected Canadian 4th quarter GDP data (2.6% vs exp 2.0%). The dip was short-lived as broad-based USD strength once again prevailed taking USDCAD up towards 1.3400. The pairing remained near 1.3390 for the bulk of the North American session. The USD saw a bit of weakness during the Asian session taking USDCAD down to 1.3378 but the uptrend resumed in the London session with a move to 1.3424, the highest level since Jan. 4th. The pairing declined to 1.3382 in early North American trade and has since retested the 1.3420 level as the markets await a key speech from U.S. Fed Chairman Yellen. The main driver of recent USD strength has been the exceptionally hawkish commentary from several U.S. Fed members effectively causing the probability of a March 15th interest rate hike to jump from 20% to 80% this week. Currently, the TSX is up 0.10% while the DJIA is down 0.16%. EURCAD is up 0.50% trading between 1.4065 and 1.4165. GBPCAD is unchanged trading between 1.6375 and 1.6447. JPYCAD is up 0.15% trading between 0.01170 and 0.01174. Gold is down 0.57% trading between $1,225 and $1,236USD/oz., silver is up 0.18% trading between $17.64 and $17.85USD/oz., while oil is up 0.63% trading between $52.53 and $53.06.


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