Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 6, 2017

USDCAD spot rate: 1.2225 - 1.2230 (as at 8:03am PST)

Ranges:

Asia:

1.2366

to

1.2401

Europe:

1.2370

to

1.2399

North America:

1.2129

to

1.2408

Technical Support / Resistance:

S2

S1

R1

R2

1.2050

1.2100

1.2420

1.2500

Key Economic Data Releases:

- Bank of Canada Interest rate:

http://www.bankofcanada.ca/2017/09/fad-press-release-2017-09-06/

- U.S. Trade Balance: $-43.7B (exp $-44.6B / prev $-43.5B)

- U.S. ISM non-mfg: 55.3 (exp 55.8 / prev 53.9)

Key Event Calendar:

Date

Canada

U.S.A.

Sept 7

Sept 8

Building permits, Ivey PMI

Employment change, unemployment %

Non-farm productivity, unit labour costs

Wholesale inventories

Bank of Canada has raised their benchmark rate for the 2nd time since July, by 25 basis points to 1% in a nod to the country's surging economy while signaling its appetite for further tightening may be curbed by a raising Canadian dollar and sluggish inflation. At the same time, they cited risks including continued excess capacity, subdued wage and price pressures, geopolitics and the higher CAD, along with worries about the impact of rising interest rates on highly indebted households. The CAD climbed as much as 1.8% after the decision, reaching 1.2129 against the USD, the highest level since June 2015, and extending the gain this year to 10%. Currently, the TSX is down 0.09% while the DOW is up 0.25%. EURCAD is down 1.27% trading between 1.4503 and 1.4811. GBPCAD is down 1.14% trading between 1.5843 and 1.6204. JPYCAD is down 0.16% trading between 0.01121 and 0.01141. Gold is down 0.19% trading between $1,335 and $1,342USD/oz., silver is down 0.06% trading between $17.85 and $17.98USD/oz., while oil is up 0.40% trading between $48.54 and $49.33.

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

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