Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 1, 2017

USDCAD spot rate: 1.2400 - 1.2405 (as at 7:32am PST)

Ranges:

Asia:

1.2450

to

1.2478

Europe:

1.2459

to

1.2492

North America:

1.2337

to

1.2448

Technical Support / Resistance:

S2

S1

R1

R2

1.2250

1.2360

1.2420

1.2500

Key Economic Data Releases:

- Canada RBC manufacturing PMI: 54.6 (prev 55.5)

- U.S. non-farm payrolls: 156,000 (exp 180,000 / prev 189,000)

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

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

- U.S. ISM manufacturing PMI: 58.8 (exp 56.5 / prev 56.3)

- U.S. construction spending: -0.6% (exp 0.5% / prev -1.4%)

- U.S. consumer sentiment index: 96.8 (exp 97.4 / prev 97.6)

Key Event Calendar:

Date

Canada

U.S.A.

Sept 4

Sept 5

Sept 6

Sept 7

Sept 8

Labour Day

Trade balance, Bank of Canada interest %

Building permits, Ivey PMI

Employment change, unemployment %

Labour Day

Factory orders

Trade balance, ISM non-mfg

Non-farm productivity, unit labour costs

Wholesale inventories

Yesterday, the CAD was the best performing currency boosted by very strong GDP data and a 3% jump in crude oil prices. USDCAD dropped from 1.2663 down to 1.2475 effectively erasing Wednesday's USD gains from 1.2500 up to 1.2636. Overnight, the USD continued lower to 1.2435 ahead of the 5:30am U.S. jobs data. August data missed estimates including a 20k negative revision to the July data sending USDCAD down to 1.2337 – the lowest rate in 26 months (July 1, 2015). The rate has since corrected up to the 1.2415/20 level – the technical triple bottom from late July. This level (former support now resistance) has held and USDCAD is now back down to 1.2480. The EUR is under pressure this morning on reported jawboning from an ECB member. After climbing towards 1.1980 after the U.S. employment data, EURUSD has fallen to 1.1850. EURCAD reached a 3 month high this past Wednesday and has since fallen 4 cents to a 1 month low. The CAD is again the best preforming currency for the 2nd straight day. Currently, the TSX is down 0.25% while the DJIA is up 0.25%. EURCAD is down 1% trading between 1.4702 and 1.4892. GBPCAD is down 0.50% trading between 1.6027 and 1.6152. JPYCAD is down 0.80% trading between 0.01124 and 0.01134. Gold is unchanged trading between $1,316 and $1,328USD/oz., silver is unchanged trading between $17.44 and $17.73USD/oz., while oil is down 1% trading between $46.65 and $47.22.

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

083e3d7a6b

Follow us




Follow us on Twitter @vbcefx


Disclaimer


The information and opinions contained herein are gathered from sources which are thought to be reliable but the reader should not assume that the information and opinions are official or final. VBCE makes no warranty concerning the accuracy of the information and opinions, and accepts no liability for the consequences of any actions taken on the basis of the information and opinions provided. The content is for general information only and does not constitute in anyway giving financial advice.