Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 8, 2017

USDCAD spot rate: 1.2140 - 1.2145 (as at 7:23am PST)

Ranges:

Asia:

1.2060

to

1.2135

Europe:

1.2067

to

1.2122

North America:

1.2078

to

1.2166

Technical Support / Resistance:

S2

S1

R1

R2

1.1940

1.2060

1.2175

1.2250

Key Economic Data Releases:

- Canada net employment change: 22,200 (exp 19,000 / prev 10,900)

- Canada Full time jobs: -88,100 (prev +35,100)

- Canada unemployment rate: 6.2% (exp 6.3% / prev 6.3%)

- U.S. wholesale inventories: 0.6% (exp 0.4% / prev 0.4)

Key Event Calendar:

Date

Canada

U.S.A.

Sept 11

Sept 12

Sept 13

Sept 14

Sept 15

Housing starts

New housing price index

Producer price index, crude oil inventories

CPI

Retail sales, industrial production, consumer sentiment

Yesterday, the CAD was the best performing currency – a common theme this summer with USDCAD falling from 1.2241 down to 1.2135. A subsequent bounce to 1.2170 was followed by a steady decline towards 1.2115 in late trade. Broad USD selling continued into the Asian session sending USDCAD down to 1.2060 – the lowest level since May 2015 before a broader USD recovery during the London session propelled USDCAD up to 1.2122. The pairing dropped back to 1.2080 ahead of the 5:30am release of the Canadian employment data. Headline data came in essentially as expected although there was a significant loss in full-time jobs sending USDCAD back up to the 1.2120 level. After a quick reversal back to 1.2080, USDCAD has gained traction this morning on broader-based USD strength and has risen to 1.2166. U.S. Fed member Dudley commented that the U.S. economy seemed to be gathering strength and that "storms tend to boost economic growth in the long-term". The GBP is the best performing currency overall on several better than expected economic data points. Currently, the TSX is down 0.25% while the DJIA is up 0.10%. EURCAD is up 0.25% trading between 1.4549 and 1.4620. GBPCAD is up 1% trading between 1.5835 and 1.6020. JPYCAD is up 0.80% trading between 0.01115 and 0.01127. Gold is unchanged trading between $1,344 and $1,357USD/oz., silver is unchanged trading between $18.01 and $18.21USD/oz., while oil is down 0.30% trading between $48.75 and $49.25.

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

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