Daily foreign exchange rates for our top 10 currencies & Updates #forex #Vancouver April 6, 2017

USDCAD spot rate: 1.3403 - 1.3408 (as of 7:53am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada building permits: -2.5% (prev 5.8%)
- U.S. initial jobless claims: 234,000 (exp 250,000 / prev 259,000)

Key Event Calendar:

Yesterday, USDCAD dipped from 1.34 down to 1.3378 before climbing to 1.3435 as oil prices dipped 2% on a surprise build in inventories. After the 11:00am release of the U.S. Fed minutes, the pairing tested the 1.3400 level only to bounce and hold near 1.3440 in late trade. Overnight, gains extended but fell short of Tuesday's 1.3456 high. The pairing then dropped to 1.3417 before bouncing back to 1.3440 in early North American trade. Oil prices are higher this morning and USDCAD has fallen to 1.3400 where it appears to have found support and is now moving higher once again. Dovish comments from ECB president Draghi has the EURO trending lower today. Tomorrow, Canada is expected to add 5,000 jobs after having added 15,300 prior. The unemployment rate is expected to tick higher from 6.6% up to 6.7%. The U.S. is expected to add 180,000 jobs after having added 235,000 prior. There is some upside risk as ADP forecasted 263,000 vs exp 187,000 yesterday. Unemployment should remain steady at 4.7%. Currently, the TSX and the DJIA are both up by about 0.20%. EURCAD is down 0.20% trading between 1.4280 and 1.4357. GBPCAD is down 0.20% trading between 1.6716 and 1.6801. JPYCAD is unchanged trading between 0.01209 and 0.01218. Gold is up 0.46% trading between $1,251 and $1,259USD/oz., silver is up 0.37% trading between $18.17 and $18.34USD/oz., while oil is up 1% trading between $50.78 and $51.74.