Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 5, 2017

USDCAD spot rate: 1.3697 - 1.3702 (as at 8:38am PST)

Ranges:

Asia:

1.3750

to

1.3790

Europe:

1.3750

to

1.3794

North America:

1.3683

to

1.3787

Technical Support / Resistance:

S2

S1

R1

R2

1.3650

1.3680

1.3710

1.3787

Key Economic Data Releases:

- Canada net employment change: 3,200 (exp 10,000 / prev 19,400)

- Canada unemployment rate: 6.5% (exp 6.7% / prev 6.7%)

- Canada Ivey PMI: 62.4 (exp 62.3 / prev 61.1)

- U.S. non-farm payrolls: 211,000 (exp 185,000 / prev 79,000)

- U.S. unemployment rate: 4.4% (exp 4.6% / prev 4.5%)

- U.S. average hourly earnings: 0.3% (exp 0.3% / prev 0.1%)

Key Event Calendar:

Date

Canada

U.S.A.

May 8

May 9

May 10

May 11

May 12

Housing starts

Building permits

New housing price index

Crude oil inventories

Producer price index

Consumer price index

Yesterday, USDCAD dipped from 1.3740 down to 1.3700 before climbing to 1.3778 as oil prices plunged 5%. Overnight, the pairing climbed to 1.3794 as oil prices lost another 3%, falling to $43.79 – a 5 month low. The move could not be sustained as oil prices rallied from the lows sending USDCAD down to 1.3750. U.S. headline employment data looked better than expected sending USDCAD up to 1.3787 but looking into the details, negative revisions to wage inflation and prior month's data saw the USD decline across the board. Also, of the 211,000 job gains, 173,000 were of the "service" variety. Canada's data was not too bad although the unemployment rate ticked lower to 6.5% - a 9 year low. The oil rally has continued this morning having gained more than 6% from its Asian session low. Since the post- employment spike to 1.3387, USDCAD has steadily declined to 1.3683, just shy of Wednesday's 1.3680 low. Bounces have been limited to 1.3710 thus far. Currently, the TSX is up 1.14% while the DJIA is down 0.13%. EURCAD is down 0.40% trading between 1.5035 and 1.5152 – a 14 month high. GBPCAD is unchanged trading between 1.7729 and 1.7854 – an 11 month high. JPYCAD is down 0.60% trading between 0.01216 and 0.01229. Gold is unchanged trading between $1,226 and $1,236USD/oz., silver is down 0.20% trading between $16.23 and $16.51USD/oz., while oil is up 2.20% trading between $43.79 and $46.65.

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