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

USDCAD spot rate: 1.2545 - 1.2550 (as at 7:45am PST)

Ranges:

Asia:

1.2560

to

1.2593

Europe:

1.2565

to

1.2596

North America:

1.2538

to

1.2600

Technical Support / Resistance:

S2

S1

R1

R2

1.2460

1.2520

1.2600

1.2620

Key Economic Data Releases:

- Canada net employment change: 10,000 (exp 14,500 / prev 22,200)

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

- Canada Ivey PMI: 59.6 (exp 57.2 / prev 56.3)

- U.S. non-farm payrolls: -33,000 (exp 90,000 / prev 169,000)

- U.S. unemployment rate: 4.2% (exp 4.4% / prev 4.4%)

- U.S. average hourly earnings: 0.5% (exp 0.3% / prev 0.1%)

Key Event Calendar:

Date

Canada

U.S.A.

Oct 9

Oct 10

Oct 11

Oct 12

Oct 13

Thanksgiving

Housing starts, building permits

New housing price index

JOLTS job openings

Producer price index

CPI, retail sales, consumer sentiment index

Yesterday, USDCAD dipped from 1.2495 down to 1.2460 before racing up to 1.2550. After a brief correction down to 1.2518, the pairing climbed to 1.2579/84 and held near 1.2565/75 for the duration of the session. Despite a 2%+ jump in oil prices, the CAD suffered broad losses after the August trade deficit surprisingly widened from $2.98 billion to $3.41 billion. The market was expecting the deficit to narrow to $2.60 billion. The USD was the best preforming currency overnight taking USDCAD up to 1.2596 before falling back to 1.2565 ahead of the 5:30am jobs release. Canadian data was solid with 112,000 full time jobs added while the U.S. data was mixed – weak headline showed a loss of 33,000 jobs in September offset by stronger than expected wage inflation. After a quick spike to 1.2600, USDCAD dropped quickly to 1.2540. A few rebound attempts stalled in the 1.2570/80 range and the pairing has since eased to session lows near 1.2538. The CAD is currently the best preforming currency on the day. Currently, the TSX and the DJIA are down 0.39% and 0.13% respectively. EURCAD is down 0.10% trading between 1.4666 and 1.4737. GBPCAD is down 0.65% trading between 1.6364 and 1.6481. JPYCAD is down 0.40% trading between 0.01107 and 0.01115. Gold is down 0.45% trading between $1,260 and $1,271USD/oz., silver is down 1.13% trading between $16.33 and $16.64USD/oz., while oil is down 2.70% trading between $49.31 and $50.80.

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

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