Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 5, 2018

USDCAD spot rate: 1.2392 - 1.2397 (as at 8:30am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada net employment change: 78,600 (exp 1,000 / prev 79,500)

- Canada unemployment rate: 5.7% (exp 6.0% / prev 5.9%)

- Canada trade deficit: -$2.54 billion (exp -$1.20 billion / -$1.55 billion)

- Canada Ivy PMI: 60.4 (exp 62.2 / prev 63.0)

- U.S. non-farm payroll: 148,000 (exp 190,000 / prev 252,000)

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

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

- U.S. trade balance: -$50.50 billion (exp -$49.50 billion / prev -$48.90 billion)

- U.S. ISM non-manufacturing index: 55.9 (exp 57.8 / prev 57.4)

Event Calendar:

Yesterday, the downtrend in USDCAD continued with a drop from 1.2557 down to 1.2481. Overnight, the pairing corrected up to 1.2515 before the combination of stronger than expected Canadian jobs data and weaker than expected U.S. data forced USDCAD down to 1.2354 – the lowest since Sept. 27^th, 2017. The pairing has since bounced back to hold near 1.2400. With the Canadian unemployment rate down at the lowest level since 1976, chances of a Jan. 17^th Bank of Canada interest rate hike have now risen. Currently, the TSX is down 0.47% while the DJIA is up 0.38%. EURCAD is down 1% trading between 1.4880 and 1.5085. GBPCAD is down 0.85% trading between 1.6757 and 1.6964. JPYCAD is down 1.20% trading between 0.01092 and 0.01108. Gold is unchanged trading between $1,313 and $1,323USD/oz., silver is unchanged trading between $17.10 and $17.28USD/oz., while oil is down 1.35% trading between $61.12 and $62.04.

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