VBCE Daily Foreign Exchange Update for Friday, Mar. 10, 2017
USDCAD spot rate: 1.3470 - 1.3475 (as at 7:58am PST)
Ranges: | Asia: | 1.3493 | to | 1.3513 |
Europe: | 1.3483 | to | 1.3503 | |
North America: | 1.3421 | to | 1.3515 |
Technical Support / Resistance:
S2 | S1 | R1 | R2 |
1.3384 | 1.3421 | 1.3480 | 1.3535 |
Key Economic Data Releases:
- Canada net employment change: 15,300 (exp 2,500 / prev 48,300)
- Canada unemployment rate: 6.6% (exp 6.8% / prev 6.8%)
- U.S. non-farm payrolls: 235,000 (exp 190,000 / prev 238,000)
- U.S. unemployment rate: 4.7% (exp 4.7% / prev 4.8%)
- U.S. average hourly earnings: 0.2% (exp 0.3% / prev 0.2%)
Key Event Calendar:
Date | Canada | U.S.A. |
Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 | Manufacturing sales | Producer price index CPI, retail sales, Fed interest rate / economic projections / Yellen speech Building permits, housing starts, Philly Fed mfg. Industrial production, consumer sentiment index |
Yesterday, USDCAD climbed from 1.3482 up to 1.3535, the highest rate in nearly 1 year before settling in a 1.3495 – 1.3528 range for the balance of the session. U.S. jobs data came in pretty much as expected this morning leaving little doubt for the U.S. Fed to proceed with an interest rate hike next Wednesday. The Canadian jobs data beat expectations with very strong full-time job gains – the highest number of full-time jobs added for any given month over the past decade. USDCAD quickly tumbled from 1.3507 down to 1.3421 on the news. The USD weakened across the board while oil prices gained 2% in the immediate aftermath of the jobs report. However, the trend abruptly changed with oil prices having since fallen towards a 3 month low sending USDCAD up to 1.3480. A brief dip to 1.3440 has since been followed by another move up to 1.3480 (previous support now turned resistance). Currently, the TSX and the DJIA are relatively unchanged. EURCAD is up 0.50% trading between 1.4274 and 1.4365. GBPCAD is down 0.20% trading between 1.6330 and 1.6435. JPYCAD is unchanged trading between 0.01165 and 0.01175. Gold is down 0.16% trading between $1,195 and $1,206USD/oz., silver is down 0.42% trading between $16.85 and $17.08USD/oz., while oil is down 1% trading between $48.83 and $50.09.