Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 3, 2017

USDCAD spot rate: 1.2742 - 1.2747 (as at 7:43am PST)

Ranges:

Asia:

1.2798

to

1.2818

Europe:

1.2803

to

1.2837

North America:

1.2714

to

1.2837

Technical Support / Resistance:

S2

S1

R1

R2

1.2650

1.2714

1.2780

1.2837

Key Economic Data Releases:

- Canada net employment change: 35,300 (exp 15,000 / prev 10,000)

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

- Canada full-time jobs: 88,800 (prev 112,000)

- Canada participation rate: 65.7% (prev 65.6%)

- Canada trade balance:-$3.18 billion (exp -$3.00 billion / prev -$3.18 billion*revised from -$3.41)

- U.S. non-farm payrolls: 261,000 (exp 310,000 / prev 18,000* revised from -33,000)

- U.S. unemployment rate: 4.1% (exp 4.2% / prev 4.2%)

- U.S. average hourly earnings: 0% (exp 0.2% / prev 0.5%)

- U.S. participation rate: 62.7% (prev 63.1%)

- U.S. trade balance: -$43.50 billion (exp -$43.20 billion/prev -$42.80b*revised from -$42.40b)

- U.S. ISM non-manufacturing index: 60.1 (exp 58.5 / prev 59.8)

Key Event Calendar:

Date

Canada

U.S.A.

Nov 6

Nov 7

Nov. 8

Nov. 9

Nov. 10

Ivey PMI

Housing starts, building permits

New housing price index

Crude oil inventories

Consumer sentiment index

Yesterday, USDCAD trended lower, initially falling from 1.2874 down to 1.2825 before briefly rising to 1.2860 in early NA trade. The pairing then drifted lower holding near 1 week lows between 1.2800/1.2815 for the balance of the day. Overnight, USDCAD climbed back to 1.2837 ahead of the 5:30am payrolls data. A combination of weak U.S. data and strong Canadian data sent USDCAD down to 1.2714 – a 1 week low. The CAD is the best performing currency on the day and is near 1 week highs vs. most major currencies. USDCAD has since bounced back up towards the 1.2870 level on broad-based USD strength seen over the past 45 minutes on strong ISM and factory orders data combined with positive revisions to durable goods orders. Currently, the TSX and the DJIA are down 0.13% and 0.03% respectively. EURCAD is down 0.70% trading between 1.4810 and 1.4960. GBPCAD is down 0.30% trading between 1.6645 and 1.6808. JPYCAD is down 0.60% trading between 0.01115 and 0.01125. Gold is down 0.12% trading between $1,273 and $1,280USD/oz., silver is down 0.07% trading between $17.07 and $17.17USD/oz., while oil is up 0.35% trading between $54.61 and $54.96.

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

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