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
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