Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver July 7, 2017

USDCAD spot rate: 1.2890 - 1.2895 (as at 8:13am PST)

Ranges:

Asia:

1.2974

to

1.2994

Europe:

1.2968

to

1.2994

North America:

1.2883

to

1.2990

Technical Support / Resistance:

S2

S1

R1

R2

1.2770

1.2860

1.3016

1.3160

Key Economic Data Releases:

- Canada net employment: 45,300 (exp 10,000 / prev 54,500)

- Canada unemployment rate: 6.5% (exp 6.6% / prev 6.6%)

- Canada full-time employment: 8,100 (prev 77,000)

- Canada Ivey PMI: 61.6 (exp. 57.7 /prev 53.8)

- U.S. non-farm payrolls: 222,000 (exp 179,000 / prev 152,000)

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

- U.S. average hourly earnings: 0.2% (exp 0.3% / prev 0.1%)

Key Event Calendar:

Date

Canada

U.S.A.

July 10

July 11

July 12

July 13

July 14

Housing starts

Bank of Canada interest rate

New housing price index

Wholesale inventories

Crude oil inventories

Producer price index

CPI, retail sales, industrial production

Yesterday, USDCAD dropped from 1.2985 down to 1.2923 before bouncing back to 1.2988 as a near 3% gain in oil prices was almost completely erased. Although U.S. employment data was solid this morning and the USD is enjoying marginal gains vs other major currencies, the Canadian jobs data surprised once again. USDCAD plunged from 1.2980 down 1.2897, its lowest level since Sept. 2016. After a brief correction to 1.2917, the pairing has moved lower towards 1.2882 despite oil prices declining by another 3%. The market is now nearly 100% convinced that the Bank of Canada will raise interest rates at next Wednesday's announcement. Currently, the TSX is down 1% while the DJIA is up 0.42%. EURCAD is down 1% trading between 1.4671 and 1.4836 – still near 2 month lows. GBPCAD is down 1.50% trading between 1.6587 and 1.6855 – near 2 month lows. JPYCAD is down 1.30% trading between 0.01131 and 0.01147 – near 6 month lows. Gold is down 1% trading between $1,210 and $1,228USD/oz., silver is down 3% trading between $15.53 and $16.18USD/oz., while oil is down 3% trading between $43.80 and $45.40.

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

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