Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 2, 2017

USDCAD spot rate: 1.3515 - 1.3520 (as at 7:37am PST)

Ranges:

Asia:

1.3505

to

1.3521

Europe:

1.3520

to

1.3547

North America:

1.3494

to

1.3542

Technical Support / Resistance:

S2

S1

R1

R2

1.3470

1.3500

1.3540

1.3575

Key Economic Data Releases:

- Canada trade balance: -$0.37 billion (exp -$0.07 billion / prev -$0.94 billion)

- Canada labour productivity Q1: 1.4% (exp 0.2% / prev 0.4%)

- U.S. non-farm payrolls: 138,000 (exp 185,000 / prev revised from 211,000 down to 174,000)

- U.S. unemployment rate: 4.3% (exp 4.4% / prev 4.4%)

- U.S. participation rate: 62.7% (prev 62.9%)

- U.S. average hourly earnings: 0.2% (exp 0.2% / prev 0.2%)

- U.S. trade balance: -$47.6 billion (exp -$46.1 billion / prev -$45.3 billion)

Key Event Calendar:

Date

Canada

U.S.A.

June 5

June 6

June 7

June 8

June 9

Ivey PMI

Building permits

Housing starts

Employment change

ISM non-mfg., unit labor costs, factory orders

EIA crude oil inventories

Wholesale inventories

Yesterday, USDCAD climbed from 1.3495 up to 1.3520 before falling to 1.3472 on a much larger than expected crude oil inventory draw. The pairing moved back above 1.35 in the afternoon as President Trump abandoned the Paris Agreement on climate change. Oil prices dropped to session lows despite an earlier 2% rise sending USDCAD up to 1.3529; the pairing then easing back to 1.3508. Overnight, USDCAD climbed to 1.3547 – a two week high as oil prices continued lower towards a 3 week low despite general positive market sentiment. At 5:30am, U.S. employment data disappointed resulting in a broad-based USD sell-off taking USDCAD down to session lows at 1.3494. This was followed by a bounce to 1.3542 and a subsequent decline to 1.3504. While the most currencies have held their gains vs. the USD this morning, the CAD and GBP are essentially unchanged. Currently, the TSX is down 0.30% while the DJIA is up 0.10%. EURCAD is up 0.50% trading between 1.5150 and 1.5259. GBPCAD is unchanged trading between 1.7369 and 1.7436. JPYCAD is up 1% trading between 0.01210 and 0.01224. Gold is up 0.65% trading between $1,259 and $1,276USD/oz., silver is up 0.70% trading between $17.14 and $17.43USD/oz., while oil is down 1.65% trading between $46.77 and $48.17.

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group

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